Quiz 1 Flashcards
process of planning and executing the
conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objective
Marketing
management process which is responsible for identifying, anticipating and satisfying customer requirements
profitably
Marketing
essentially about providing changing
benefits to the changing needs and demands of the customer
Marketing
THE FOUR P’S
•Price
•Product
•Placement
•Promotion
ADDITIONAL THREE P’S
•People
•Physical Evidence
•Process
These are the employees, customers or those who are directly or indirectly involved in consuming or producing
the goods or services.
People
This can be the facility design, equipment or signage.
Physical Evidence
This is the flow of activities or steps and
level of customer’s involvement
Process
paid form of non-personal presentation and promotion
Advertising
Purpose of advertising
1.To promote ideas about goods and services.
2. To create interest in goods and services.
3. To create awareness about goods and services.
4.To create sale.
Roles of advertising
- Marketing Role
- Economic Role
- Communication Role
- Societal Role
Function of advertising
01 - SOCIAL FUNCTION – (NON-
COMMERCIAL ADVERTISING)
02 - PSYCHOLOGICAL FUNCTION
03 - ECONOMIC FUNCTION
not to sell a product or service but to raise awareness
Social function
focuses on building empathy towards a product or service to help you become more inclined to buy or use it.
Psychological function
Companies spend money on advertising because it increases sales of existing products
Economic function
Types of advertising
- Information advertising
- Persuasive advertising
- Comparative advertising
- Reminder advertising
- Reinforcement advertising
use information instead of emotion to appeal to potential customers.
Informative advertising
Form of product promotion that seeks to persuade a potential customer to
purchase a specific product
Persuasive advertising
company’s product or service is presented as superior when compared to a competitor’s
Comparative advertising
• one of the most traditional and powerful methods of promoting
• remind people to purchase
Reminder advertising
Marketing is the process a business uses to satisfy consumer needs and wants through goods and services
Marketing role
Advertising is a form of mass communication
Communication role
Improves standard of living and the economy by generating material consumption.
Economic Role
Informs us about new and improved products, teaches us how to use these innovations, etc
Societal role
Assure current purchase that they have made the right choice.
Reinforcement advertising
