W2-CHAP1 Flashcards
who is the father of moder marketing
PHILIP KOTLER
A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging goods and services of value with others.
marketing - (according to philip kotler)
Set of activities, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
Marketing - (according to philip kotler)
An organizational function and a set of processes for creating, communicating, delivering value for customers and for managing customer relationships in ways that benefit the organizations and its stakeholders.
Marketing - (according to philip kotler)
The performance of business activities that directs the flow of goods and services from producer to consumer or user.
Marketing - (according to philip kotler)
is the study, planning, implementation and control of programs intended to form, make and preserve equally beneficial exchanges and relationships with the target markets for the reason of reaching organizational objectives.
Marketing management
Generally, _______________ is the process of planning, executing, and tracking the marketing strategy of an organization.
This includes the marketing plan, campaigns, strategies and tactics used to create and meet the demand of target customers to drive profitability (Dickerson,
2022).
Marketing management
The group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by the law to acquire the
product.
Market
The physical market where goods and services are traditionally bought and sold.
MarketPlace
The virtual market where transactions are conducted online
Market Space
THREE TYPES OF MARKET
Consumer Market
Business Market
Institutional Market
It is also called B2C market that is business to consumer market.
CONSUMER MARKET
It is the end consumers of various merchandise like products that are purchased by the consumer for their own or household usage that constitutes the consumer market.
CONSUMER MARKET
This is called B2B market
that is business to business.
BUSINESS MARKET
A market where output of one form goes either as raw material, or as processed goods, or as consumable goods into another industry.
BUSINESS MARKET
Buyers buy goods to
resell at some point of time for profit
BUSINESS MARKET
The purchase is done by
institutions, organizations.
INSTITUTIONAL MARKET
However, it is not for
profit making. It is not
for reselling to any third
party.
INSTITUTIONAL MARKET
TEN TYPES OF ENTITIES THAT
CAN BE MARKETED
10:
- Goods
- Services
- Experiences
- Events
- Persons
- Places
- Properties
- Organizations
- Information
- Ideas
________________ _______ constitute the bulk of most countries’ production and marketing effort. Particularly food, commodities, clothing, and housing
Physical Goods
Include airlines, hotels, and maintenance and
repair people, as well as professionals such as
accountants, lawyers, engineers, and doctors.
Many market offerings consist of a variable mix of goods and services.
Services
By orchestrating several services and goods, one
can create, stage, and market ______________.
Enchanted Kingdom is an ____________; so is the
SkyRanch.
Expriences
Marketers promote time- based ______, such as the Olympics, trade shows, sports events, and artistic performances.
Events
Celebrity marketing has become a major business.
Artists, musicians, CEOs, physicians, high-profile
lawyers and financiers, and other professionals draw help from celebrity marketers.
PERSONS
________ marketers include economic development
specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.
Places
______________ are bought and sold, and this
occasions a marketing effort by real estate
agents (for real estate) and investment
companies and banks (for securities).
Properties
Universities, museums, and performing arts
organizations boost their public images to compete more successfully for audiences and funds.
________________ actively work to build a strong, favorable image in the mind of their publics.
Organizations
Among the marketers of ____________ are schools
and universities; publishers of encyclopedias, nonfiction books, and specialized magazines; makers of CDs; and Internet Web sites.
Information
Every market offering has a basic _______ at its core.
In essence, products and services are platforms for delivering some _____ or benefit to satisfy a core need.
Ideas
FUNCTIONSOF MARKETING
(8)
- Customer
- Finance
- Human Resources
- Production
- Competition
- Decision
- Idea
- Economy
Companies need to get the attention of ___________ through
marketing its goods or services.
Customer
Manufacturing goods
and providing services
to customers entails cost.
Finance
Are the ones who
produce the products
or render the service.
Must have marketing
knowledge to attract
customers.
Human Resoures
Without marketing
items produced would
not sell and inventories may turn out yield less.
Production
With marketing, company would be more noticeable and customers would choose to the company than the rest of its competitors.
Competition
Manufacturers find it
easier and dependable to make use of marketing to their advantage particularly on what to manufactuure or trade.
Decision
The changes in marketing go along with the fast transformation in tastes and preferences of consumers
Idea
“Nothing happens in our country until somebody sells something”. If the marketing function would not be pressured, the ___________ would become weak.
Economy
SCOPEOF MARKETING (11)
1.A consumer wants and needs
2.Consumer Behavior
3.Product Planning and Development
4.Branding
5.Packaging
6.Channels of Distribution
7.Pricing Policies
8.Sales Management
9.Promotion
10.Finance
11.After-sales service
Illustrate the Marketing environment
gandahan mo ah
creates value for the customers. Therefore, a marketer must have a clear concept of customers’ needs, wants and market conditions.
Marketing
______ Needs are states of felt deprivation.
Human
Three types of Needs:
- Existing Need
- Latent Need
- Incipient Need
Any need of customers which is short-term and is readily obtainable is known as ___________________.
Existing Need
A need of a customer which is there but has not manifested
itself because such a product has not ben launched.
Latent Need
A type of need which people want but there is no product to satisfy the need.
Incipient Need
_____ are form of human needs influenced
by culture and individual personality
Wants
_______ are the choices to gratify a particular
need. Every need can be satisfied by using different options.
Wants
__________ is want for particular products that are supported by the ability and willingness or readiness to buy them
Demand
Demand could be in these nature: (8)
Negative Demand
No Demand
Latent Demand
Declining Demand
Irregular Demand
Full Demand
Overfull Demand
Unwholesome Demand
the product may be helpful but the customer does not like it.
Negative Demand
customers are unaware or uninterested in the product.
No Demand
demand which the customer realizes later. While buying the product, he/she might not want some features.
Latent Demand
Later on, he/she may
reflect on those features and purchase the product.
Latent Demand
there is still a demand for the product but decreases over a period of time.
Declining Demand
- demand which is not steady. These products sell occasionally and sell more during peak season while exceedingly low during
non-season.
Irregular Demand
market are pleased with the products and people feel like buying from the same company.
Full Demand
occur when the companies manufacturing capacity is inadequate but the demand is above the supply.
Overfull Demand
a demand in which customers should not be using the product, yet the customers desires the product badly.
Unwholesome Demand
an overall ability of a product to gratify need and want.
It is a guiding concept to select the product. The power of product to satisfy a particular need.
Utility
means the price of the product or the monetary value of a product.
The charges a customer has to pay to avail certain services can be said ___________
Cost
is the difference between the customer gains from owning a product and using a product and the cost of obtaining the product.
Customer Value
refers to what customer wants in a product or service.
Desired Value
is the benefit that a customer believes he received from a
product after it was purchased.
Perceived Value
person’s feeling of delight or displeasure as a result of comparing a products perceived performance in relation to his or her
expectation.
Satisfaction
(8) MARKETING MANAGEMENTTASKS
- CONVERSIONAL
MARKETING - SIMULATIONAL MARKETING
- DEVELOPMENTAL MARKETING
- REMARKETING
- SYNCHROMARKETING
- MAINTENANCE MARKETING
- DEMARKETING
- COUNTER-MARKETING
It is the duty of the_________________________ to create a plan to cause demand to rise from negative to positive and eventually equal the positive supply level
CONVERSIONAL MARKETING
No demand state of a product exists when people are indifferent to such product. Therefore, marketing must look for ways to connect the benefits of products with the people’s natural needs and interests.
SIMULATIONAL MARKETING
Process of effectively
transforming latent demand into an actual demand.
Marketer must discover the features people might be seeking later and promote them to the customer.
DEVELOPMENTAL MARKETING
A marketer’s job in this situation is to think for ways to revitalize the products so that the demand would no
longer be declining.
REMARKETING
When a product’s current timing pattern of demand is marked by seasonal or volatile fluctuations the marketing tasks of _______________ is necessary to bring the movement of supply and demand into better synchronization.
SYNCHROMARKETING
The marketing dispute in this type of demand is to
continue the same intensity of interest in the product in the company.
MAINTENANCE MARKETING
________________ is reducing the demand. Overfull demand exists when demand for a product begins to outpace the supply substantially.
If the company keeps marketing but not able to supply the material, the company may be badly endured in terms of brand equity.
DEMARKETING
Involves advertising techniques which try to
reduce the demand for a product being used.
______________________ typically uses negative messages to stop people from using a product.
COUNTER MARKETING
