PM Flashcards
is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers,
Marketing
Anything that is marketed
PRODUCT
A PHYSICAL OBJECT THAT CAN BE PERCEIVED BY TOUCH
TANGIBLE
A PRODUCT THAT CANNOT BE SEEN OR PERCEIVED BY TOUCH
INTANGIBLE
TRADITIONAL APPROACH
Handouts
Billboards
Direct mail
Print ads
Event marketing
Broadcasting
The companies recognize that the consumption behavior of customers is changing because of global trends and developments in the local markets.
Contemporary approaches
a form of advertising in which a company prominently displays its product or brand product within the context of a television show, movie or another form of media.
PRODUCT PLACEMENT
adopted to appeal to consumers who are cost-conscious and cannot afford to buy product in large quantities.
Sachet marketing
where you focus all your effort.
Specialization
Your competitive advantage.
Differentiation
Where you focus your time, money and resources.
Concentration
CHARACTERISTIC OF R.M
More on listening and learning
Emphasis on customer retention
Cross functional team
Long term
Benefits of R.M
-Understanding customer characteristic
-word of mounth marketing
-reduced marketing cost
-identification with the company
-prevent negative transition
-product market expansion
AIDA MODEL
ATTENTION
INTEREST
DESIRE
ACTION
Generalized and marketing system
MARKET (A collection of buyer)
-environment
-money
-information
INDUSTRY( A collection of of seller)
-good/ services
-communication
a state of felt deprivation about something that is deemed to be necessary.
NEED
1990s when the city came into grip of a epidemic.
Cholera
believed that in this particular kind of drinking water made it more compatible with human digestive system , quicker absorption, and better health.
ALKALINE
“ SUBJECTIVE PLEASURE, SOCIAL STATUS, ROMANCE, AND LIFESTYLE AS A PRODUCT’S MENTAL ASSOCIATIONS BECOME MORE IMPORTANT THAN ITS ACTUAL PHYSICAL QUALITIES”
MILLER 2009
Specific manifestations of needs.
WANT
Wants that are backed by purchasing power.
Demand
The form that a human need takes as shaped by culture and individual personality.
HUMAN WANT
-Manufacturers generally have no problems selling whatever they produce.
-The sellers have the upper hand in these situations
-The demand is there, so you just have to produce as much of your product as you can in order to meet it.
-The market is hungry for the product and has the disposable income to pay for it.
STAGE 1 SUPPLY< DEMAND
-“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.
-
Improved quality, new and better features, better comfort and better design
STAGE 2
When businesses begin to crowd into a limited market space, then competition can get quite fierce.
STAGE 3
- ## 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.
STAGE 4
Using the sales organization to push your product
SALES ORIENTATION
a happy customers are an asset because they will tell an average of five people about their experience.
GITOMER 2011
seeks to make customers loyal and getting them to be satisfied repeat buyers.
MARKETING
is an example of unsought good
INSURANCE
occurs when sales orientation does not work, which can be considered annoying to customers.
HARD SELLING
It can be very subjective or a function of your personal condition, experiences, personal history, social interactions, perceptions, education and so much more.
VALUE
A product, by its very form, saves consumer from the effort of having to make the product himself.
FORM UTILITY
The convenience offered by making a product available around the proximity of the customer is also valued.
PLACE UTILITY
If a firm can offer a product or service far quicker than alternative providers, the customer will also value this speed of service.
TIME UTILITY
For some products, mere ownership is already valued by the customer
POSSESSION UTILITY
Knowing certain things about the product can already imbue it with value.
Information Utility
is a practice or interest followed for a time with exaggerated zeal
FAD
-When a NEED is not satisfied, try to reduce the need.
-The two biggest water utilities, in METRO MANILA insist that for the majority of households that they service, their tap water is potable
-Water is just PHYSIOLOGICAL need.
-Safety is an EMOTIONAL need.
TRUE
-Benefits of alkaline dispenser had the physiological, safety and better health, which was part of the “SELF-ACTUALIZATION” or self-development
-In an anthropological and sociological perspective, MASLOW’S hierarchy is considered as a bit outdated.
TRUE
- 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.
-Marketing is all about fostering a positive EXCHANGE.
-in SELLER MARKET, Manufacturers generally have no problems selling whatever they produce.
-VALUE is also a very personal thing
TRUE
