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ABM 305: Marketing > Principles of Marketing > Flashcards

Principles of Marketing Flashcards

Definition of Marketing up to Classification of Products and Goods

1
Q

Form of communicating / promoting the value of a product, service, or brand

A

Marketing

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2
Q

This is a form of marketing aimed to increase sales.

A

Marketing for Profit

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3
Q

This is a form of marketing aimed to communicate a message for social purposes.

A

Marketing for Non-Profit

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4
Q

Who stated: “Marketing is the activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.”

A

American Marketing Association

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5
Q

Who stated: “[Marketing is] A science and a profession guided principally by the universal principles of ethics, corporate citizenship, and corporate social responsibility.”

A

Philippine Marketing Association

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6
Q

What are the Goals of Marketing?

A
  • Understand Market and Consumers; Satisfy their changing Needs and Wants
  • Introduce and Innovate Products and Services that Improve Condition and Quality of Life
  • Design and implement effective Customer-driven Marketing Strategies
  • Develop Marketing Programs that deliver Superior Value to customers
  • Build and Maintain Mutually Positive and Profitable Customer Relationship
  • Capture Customer Value to create Profits
  • Promote valuable Transactions with Full Regard to Society’s Well-being
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7
Q

Understanding Market and Consumers and Satisfying their changing Needs and Wants is an example of…

A

Goals of Marketing

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8
Q

Introduce and Innovate Products and Services that Improve Condition and Quality of Life is an example of…

A

Goals of Marketing

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9
Q

Design and implement effective Customer-driven Marketing Strategies is an example of…

A

Goals of Marketing

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10
Q

Develop Marketing Programs that deliver Superior Value to customers is an example of…

A

Goals of Marketing

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11
Q

Build and Maintain Mutually Positive and Profitable Customer Relationship is an example of…

A

Goals of Marketing

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12
Q

Capture Customer Value to create Profits is an example of…

A

Goals of Marketing

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13
Q

Promote valuable Transactions with Full Regard to Society’s Well-being is an example of…

A

Goals of Marketing

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14
Q

The Marketing Process Overview consists of…

A
  • Mission
  • Situation Analysis (Macrolens, Microlens, SWO, etc.)
  • Marketing Strategy Formulation
  • Marketing Mix Decision (7Ps, etc.)
  • Implementation and Control
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15
Q

This is a Product Level wherein it is purpose the product was created / needed

A

Core / Generic

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16
Q

This is a Product Level wherein it meets actual consumer needs. This includes the product quality and features.

A

Formal / Actual

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17
Q

This is a Product Level wherein it gives Additional Benefits to make Product more Attractive

A

Augmented

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18
Q

The Classification of Products and Goods are According to…

A
  • Use
  • Differentiation
  • Durability
  • Type
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19
Q

Products and Goods According to Use include…

A
  • Consumer Goods
  • Industrial Goods
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20
Q

Purchased for Consumption

A

Consumer Goods

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21
Q

Raw materials used to make other goods

A

Industrial Goods

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22
Q

Products and Goods According to Differentiation include…

A
  • Undifferentiated Goods
  • Differentiated Goods
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23
Q

Physical characteristics are identical and cannot be distinguished between sellers

A

Undifferentiated Goods

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24
Q

Physical characteristics are varied and can be distinguished between sellers

A

Differentiated Goods

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25
Q

Products and Goods According to Durability include…

A
  • Consumable Goods
  • Semi-durable Goods
  • Durable Goods
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26
Q

Benefit is only for a short period. Needs time to be consumed.

A

Consumable Goods

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27
Q

Benefit is for several months.

A

Semi-durable Goods

28
Q

Benefit is for years, lasts long, expensive.

A

Durable Goods

29
Q

Products and Goods According to Type include…

A
  • Convenience Goods
  • Shopping Goods
  • Specialty Goods
  • Unsought Goods
30
Q

Frequently Purchased, Cheap, Little effort and evaluation for purchase

A

Convenience Goods

31
Q

Frequently Purchased, Costs more, Requires Evaluation to Purchase.

A

Shopping Goods

32
Q

Unusually Large Effort to Purchase

A

Specialty Goods

33
Q

Products that are seldom actively looked for

A

Unsought Goods

34
Q

An act provided by a party that creates value and has benefits

A

Service

35
Q

Examples of Services include…

A
  • Schools
  • Agencies
  • Restaurants
  • Hospitals; etc.
36
Q

The Attributes of a Service include…

A
  • Intangibility
  • Variability
  • Inseparability
  • Perishability
37
Q

Inability to be evaluated before purchase. Its quality is linked to its delivery and ability to meet customers’ expectations.

A

Intangibility

38
Q

A way to combat this Attribute of Service is to provide a product alongside the service.

A

Intangibility

39
Q

Services cannot be performed exactly the same every time.

A

Variability

40
Q

A way to combat this Attribute of Service is to have a standardized process or procedure in place to ensure uniformity.

A

Variability

41
Q

Typically produced and consumed simultaneously.

A

Inseparability

42
Q

Can’t be stored, saved, or inventoried for the future.

A

Perishability

43
Q

Basic necessities that are the bare minimum for survival.

A

Needs

44
Q

Our desires uninvolving basic necessities. Shaped by cultural and individual influences.

A

Wants

45
Q

Needs + Desires / Wants + Purchasing Power =

A

Demand

46
Q

A system or a venue wherein you exchange goods, services, and/or resources.

A

Market

47
Q

Total number of quantity all consumers can and want to purchase. Affected by price, consumer income, preferences, availability of product and substitutes, etc.

A

Market Demand

48
Q

Total demand for the product as a whole; includes all brands of the product.

A

Primary Demand

49
Q

Demand for a specific brand, product, or service.

A

Selective Demand

50
Q

Expected demand of a product or service that has yet to be put into fruition or emerge.

A

Potential Demand

51
Q

Unrecognized demand for a unfulfilled need or a need without a currently available solution.

A

Latent Demand

52
Q

The immediate needs and preferences of the consumers.

A

Current Demand

53
Q

Any company within the same or similar industry vying for same customer base.

A

Competition

54
Q

A type of competition wherein products fulfills the same need.

A

Direct Competition

55
Q

A type of competition wherein it fulfills the same basic need but serves in a less direct and/or unconventional way.

A

Generic Competition

56
Q

A type of competition wherein products are in different forms but serves the same basic function.

A

Form Competition

57
Q

A type of competition wherein different brands compete for the same target consumers.

A

Brand Competition

58
Q

Market Share is equal to…

A

(Annual Revenue / Total Industry Revenue)(100)

59
Q

The company with the largest market share is called…

A

Market Leader

60
Q

Perceived worth of a product or service in relation to its cost. Varies from consumer to consumer.

A

Value

61
Q

Level of contentment or fulfillment after usage. Crucial for customer retention, loyalty, and positive word-of-mouth.

A

Satisfaction

62
Q

The usefulness of and benefits garnering overall satisfaction from a product or service.

A

Utility

63
Q

Evaluating Benefits VS Cost. Subjective assessment on the product or service’s worth in comparison to the available alternatives.

A

Consumer Perceived Value

64
Q

How do we enhance Consumer Perceived Value?

A
  • Advertise Aggressively and Invest Heavily in Highlighting the Product’s Features
  • Build Strong Brand Reputation
  • Enhance Customer Service
  • Personalization
  • Effective Pricing Strategies
65
Q

Statement outlining the unique benefits and value a company offers through their products and/or services.

A

Customer Value Proposition

66
Q

Defines how a product and/or service solves a problem, meets a need, and/or improves a situation for the customer.

A

Customer Value Proposition

ABM 305: Marketing (4 decks)

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