CHAPTER 1 Flashcards
is the 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 (Kotler & Keller, 2005).
Marketing
is a management process which is responsible for identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing).
Marketing
is essentially about providing changing benefits to the changing needs and demands of the customer (P. Tailor).
Marketing
3cs of Marketing
Company
Competition
Customer
The one responsible to earn profit for the business.
Company
The company must always be aware that there are competitors in the market. The competition can either be direct or indirect.
Competition
The ______ should be the center of all the marketing efforts of the company. The company’s responsibility is to satisfy the needs and wants of the market, which is the
Customer
is the paid form of non-personal presentation and promotion of ideas, goods, or services by an identified
sponsor.
Advertising
Purpose of Advertising
- To promote ideas about goods and services.
- To create interest in goods and services.
- To create awareness about goods and services.
- To create sale.
is the process a business uses to satisfy customer needs and wants through goods and services.
Marketing Role
Advertising is a form of mass communication
Communication Role
Informs us about new and improved products,
teaches us how to use these innovations, etc.
Societal Role
Function of Advertising
Social Function
Psychological Function
Economic Funtion
The main goal of non-commercial ads is not to sell a product or service but to raise awareness about an issue, collect funds for a cause, or promote an idea.
Social Function
Motives of human beings. The psychology of advertising 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, helps grow adoption of new products, builds brand loyalty, and takes sales away from competitors.
Economic Function
— Ads that use information instead of emotion to appeal to
potential customers.
— These advertisements usually include facts about a product that highlight its features.
— Pioneering stage of product category.
— To build primary demand.
Informative Advertising
— Form of product promotion that seeks to persuade a potential customer to purchase a specific product
— Competitive stage of product
— Build selective demand for a particular brand.
Persuasive Advertising
Is a marketing strategy in which a company’s product or service is presented as superior when compared to a competitor’s. Comparison of attributes of two or more brand
Comparative Advertising
is one of the most traditional and
powerful methods of promoting an existing brand, maintaining the long product life cycle, and retaining your loyal customers for the years to come. Remind people to purchase
Reminder Advertising
Assure current purchase that they have made the right choice.
Reinforcement Advertising
4ps of Marketing
Product
Pricing
Promotion
Placement and Distribution
Another 3ps of Marketing
People
Physical Evidence
Process
This refers to the
actual good or
service, and how
it relates to the
end user’s needs
and wants.
Product
