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LESSON 3 > PM > Flashcards

PM Flashcards

1
Q

Is a state of felt deprivation about something that is deemed to be necessary.

A

NEED

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2
Q

two biggest water utilities in Metro Manila

A

MAYNILAD AND MANILA WATER

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3
Q

The concept of buying drinking water, specifically for households that had reliable tap drinking water service, was practically unthinkable.

A

1980

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4
Q

Physiological need

A

Water

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5
Q

ROMANCE, AND LIFESTYLE AS A PRODUCT’S MENTAL ASSOCIATIONS BECOME MORE IMPORTANT THAN ITS ACTUAL PHYSICAL QUALITIES”

A

MILLER 2009

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6
Q

Specific manifestations of needs.

A

WANT

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7
Q

Wants that are backed by purchasing power.

A

DEMAND

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8
Q

A state of felt deprivation

A

HUMAN NEED

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9
Q

The form that a human need takes as shaped by culture and individual personality.

A

HUMAN WANT

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10
Q

Marketing origin stages

A

STAGE 1
SUPPLY< DEMAND
STAGE 2
SUPPLY< DEMAND, COMPETITION GROWING
STAGE 3
SUPPLY> DEMAND
STAGE 4
SUPPLY< DEMAND, CUSTOMER-CENTRIC STRATEGIES EMERGE

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11
Q

PRODUCTION ORIENTATION
The demand is there, so you just have to produce as much of your product as you can in order to meet it.

A

STAGE 1 SUPPLY< DEMAND

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12
Q

They began by rolling out affordable products as widely as possible. Low price and wide availability were seen to be the key to dominating the market.

A

STAGE 1 SUPPLY< DEMAND

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13
Q

PRODUCT ORIENTATION

“building a better mousetrap”
The entry of competitors in a potentially huge market space generally leads to innovations as challengers strive to make their offerings different enough.

A

STAGE 2 SUPPLY< DEMAND, COMPETITION GROWING

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14
Q

Improved quality, new and better features, better comfort and better design- all of which are undertaken with the hope that the product will speak for itself and the consumers will choose your product based on the merits of your wares.

A

STAGE 2 SUPPLY< DEMAN, COMPETITION GROWING

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15
Q

SALES ORIENTATION
When businesses begin to crowd into a limited market space, then competition can get quite fierce. The sales force becomes the frontliners who push the products directly to the customers.

A

STAGE 3 SUPPLY>DEMAND

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16
Q

Using the sales organizations to push your product is called

A

SALES ORIENTATION

17
Q

INSURANCES is an example of

A

unsought good(supply > demand).

18
Q

When sales orientation works well, both the consumer and the producer will benefit in the transaction

A

TRUE

19
Q

occurs when sales orientation does not work, which can be considered annoying to customers.

A

Hard Selling

20
Q

MARKETING ORIENTATION
As competition becomes fierce, firms soon realize that a better way to compete would be by prioritizing customer needs more than their own.
It begins with identifying and understanding a particular target market.

A

STAGE 4 SUPPLY> DEMAND, CUSTOMER-CENTRIC STRATEGIES EMERGE

21
Q

a happy customers are an asset because they will tell an average of five people about their experience.

A

Gitomer (2011),

22
Q

seeks to make customers loyal and getting them to be satisfied repeat buyers.

A

MARKETING

23
Q

In return for their loyalty, customers expect your product quality to be consistent, predictable, and reliable.

A

TRUE

24
Q

The only reason you would want to exchange one thing for another is if that one thing offers more value to you than the item you currently have. The same principle lies at the heart of marketing transaction.

A

EXCHANGE

25
Q

Kinds of Economic Utility

A
  1. Form Utility
  2. Place Utility
  3. Time Utility
  4. Possession Utility
  5. Information Utility
26
Q

A product, by its very form, saves consumer from the effort of having to make the product himself.

A

Form Utility

27
Q

The convenience offered by making a product available around the proximity of the customer is also valued.

A

PLACE UTILITY

28
Q

If a firm can offer a product or service far quicker than alternative providers, the customer will also value this speed of service.

A

TIME UTILITY

29
Q

For some products, mere ownership is already valued by the customer

A

Possession Utility

30
Q

Knowing certain things about the product can already imbue it with value.

A

Information Utility

LESSON 3 (5 decks)

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