CHAPTER 1 Flashcards by MIKKA ELLA ALYSON DE NUESTRO

are movements in the market that are new or different reactions, which eventually lead to change, either in a negative or positive way for business. Businesses can anticipate and analyze market trends to improve their practices, attract the right target audience, adjust budgets, focus their marketing efforts, and more.

MARKET TRENDS

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can easily make or break a business. Catching the trend early and analyzing it could keep you ahead of the competition and protect your market share.

MARKET TRENDS

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is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties:

CHANGE

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will continue to affect everyone’s business and personal life.

GLOBAL FORCES

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will continue to advance and amaze us.

TECHNOLOGY

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There will be a continuing push toward _____&of the economic sector.

DEREGULATION

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Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “___”

meeting needs profitably.

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is the conscious effort to achieve desired exchange outcomes with target markets. It is a process of controlling the marketing aspects, setting goals, organizing the plans step by step, taking decisions for the firm, and executing them to get maximum turnover by meeting the consumers’ demands.

MARKETING MANAGEMENT

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5 Functions of Management:

PLANNING, ORGANIZING, LEADING, STAFFING, CONTROLLING

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The process of choosing appropriate goals and actions to pursue and determining what strategies to use, what actions to take, and deciding what resources are needed to achieve the goals.

PLANNING

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Establishing worker relationships that allow them to work together to achieve their organizational goals.

ORGANIZING

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Articulating a vision, energizing employees, and motivating people using vision, influence, persuasion, and effective communication skills.

LEADING

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Recruiting and selecting employees for positions within the company.

STAFFING

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Evaluating how well goals are being achieved, improving performance, and establishing standards to help measure progress and make informed decisions.

CONTROLLING

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5 Marketing Concepts

PRODUCTION CONCEPT, PRODUCT CONCEPT, SELLING CONCEPT, MARKETING CONCEPT, SOCIETAL MARKETING CONCEPT

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Consumers prefer products that are widely available and inexpensive. Managers of production-oriented businesses concentrate on high production efficiency, low costs, and mass distribution. This concept is used when a company wants to expand its market.

PRODUCTION CONCEPT

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Holds that consumers favor products that offer the most quality, performance, or innovative features. Product-oriented companies often design their products with little or no customer input, focusing instead on making superior products.

PRODUCT CONCEPT

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Assumes that consumers must be coaxed into buying through aggressive selling and promotion. This concept is often practiced with unsought goods (e.g., insurance). Many firms apply the selling concept when they have overcapacity and want to sell what they produce rather than what the market wants.

SELLING CONCEPT

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Focuses on being more effective than competitors in creating, delivering, and communicating customer value to target markets. It rests on four pillars:

MARKETING CONCEPT

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Carefully selecting target markets and preparing tailored marketing programs.

TARGET MARKET

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Correctly understanding customers’ needs and wants. Customer needs can be classified as stated needs, real needs, unstated needs, delight needs, and secret needs.

CUSTOMER NEEDS

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When all departments work together to serve customers’ interests.

INTEGRATED MARKETING

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Achieving profit for private firms or attracting funds for nonprofits.

PROFITABILITY

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Balances meeting the needs of target markets while also preserving or enhancing the well-being of individual consumers and society as a whole.

SOCIETAL MARKETING CONCEPT

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Companies are adjusting in various ways to cope with changes in the environment:

REINGINEERING, OUTSOURCING, E-COMMERCE, BENCHMARKING, ALLIANCES, PARTNER-SUPPLIERS, MARKET-CENTERED, GLOBAL AND LOCAL, DECENTRALIZED

Focusing on key processes managed by multidisciplinary teams.

REINGINEERING

Buying more products from outside sources if they are cheaper and better.

OUTSOURCING

Making products available on the internet, with increasing business-to-business purchasing online.

E-COMMERCE

Adopting best practices from world-class performers.

BENCHMARKING

Forming partnerships with other firms.

ALLIANCES

Relying on fewer but more reliable suppliers who work closely with the company.

PARTNER-SUPPLIERS

Organizing by market segment.

MARKET-CENTERED

Being both global and local in business operations.

GLOBAL AND LOCAL

Encouraging entrepreneurship and initiative at local levels.q

DECENTRALIZED

As the environment changes, marketers are rethinking their philosophies, concepts, and tools:

MARKETER RESPONSES AND ADJUSTMENTS

Building long-term, profitable customer relationships.

RELATIONSHIP MARKETING

Managing customer lifetime value by offering recurring products at a lower price.

CUSTOMER LIFETIME VALUE

Building customer share by offering a larger variety of goods to existing customers and training employees in cross-selling and up-selling.

CUSTOMER SHARE

Serving well-defined target markets with specialized offerings.

TARGET MARKETING

Customizing messages and offers for individual customers.

INDIVIDUALIZATION

Building databases to track individual customers’ purchases, preferences, demographics, and profitability.

CUSTOMER DATABASE

Using several communication tools to deliver a consistent brand message.

INTEGRATED MARKETING COMMUNICATION

Treating intermediaries as partners in delivering value to customers.

CHANNELS AS PARTNERS

Recognizing that every employee contributes to customer satisfaction.

EVERY EMPLOYEE IS A MARKETER

Using data and models to make informed marketing decisions.

MODEL- BASED DECISION MAKING

- 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. - 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. - 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. - 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. Generally, marketing management 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 virtual market where transactions are conducted online

MARKET SPACE

The physical market where goods and services are traditionally bought and sold.

MARKET PLACE

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

- This is called B2B market that is business to business. - A market where output of one form goes either as raw material, or as processed goods, or as consumable goods into another industry. - Buyers buy goods to resell at some point of time for profit

BUSINESS MARKET

It is also called B2C market that is business to 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

- The purchase is done by institutions, organizations. - However, it is not for profit making. It is not for reselling to any third party.

INSTITUTIONAL MARKET

Three types of market

CONSUMER MARKET BUSINESS MARKET CONSUMER MARKET

- constitute the bulk of most countries’ production and marketing effort. - Particularly food, commodities, clothing, and housing

GOODS

- Include airlines, hotels, and maintenance and repair people, as well as professionals such as accountants, lawyers, engineers, and doctors.

SERVICES

By orchestrating several services and goods, one can create, stage, and market experiences. - Enchanted Kingdom is an experience; so is the SkyRanch.

EXPERIENCE

Marketers promote time-based events, 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.

PERSON

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. - Organizations actively work to build a strong, favorable image in the mind of their publics.

ORGANIZATION

Among the marketers of ______ are schools and universities; publishers of encyclopedias, nonfiction books, and specialized magazines; makers of CDs; and Internet Websites.

INFORMATION

Every market offering has a basic _____ at its core. - In essence, products and services are platforms for delivering some idea or benefit to satisfy a core need.

IDEAS

TEN TYPES OF ENTITIES THAT CAN BE MARKETED

GOODS SERVICES EXPERIENCE EVENTS PERSON PLACES PROPERTIES ORGANIZATION INFORMATION IDEAS

Companies need to get the attention of customers through marketing its goods or services.

CUSTOMER

Are the ones who produce the products or render the service. - Must have marketing knowledge to attract customers.

HUMAN RESOURCE

Manufacturing goods and providing services to customers entails cost.

FINANCE

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 manufacture 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 economy would become weak.

ECONOMY

FUNCTIONS OF MARKETING

CUSTOMER HUMAN RESOURCE FINANCE PRODUCTION COMPETITION DECISION IDEA ECONOMY

SCOPE OF MARKETING

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

Marketing creates value for the customers. Therefore, a marketer must have a clear concept of customers’ needs, wants and market conditions.

NEEDS, WANTS, AND DEMAND

Human needs are states of felt deprivation.

NEEDS

Any need of customers which is short-term and is readily obtainable is known as existing need

EXISTING NEED

A need of a customer which is there but has not manifested itself because such a product has not been launched.

LATENT NEED

A type of need which people want but there is no product to satisfy the need.

INCIPIENT NEED

TYPES OF NEED

EXISTING NEED LATENT NEED INCIPIENT NEED

are form of human needs influenced by culture and individual personality. 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 andwillingness or readiness to buy them

DEMAND

Demand could be in these nature:

NEGATIVE 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

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. 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

is the difference between the customer gains from owning a product and using a product and the cost of obtaining the product.

CUSTOMER VALUE

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 as a ____

COST

refers to what a 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

It is the duty of the conversional marketing to create a plan to cause demand to rise from negative to positive and eventually equal the positive supply level

CONVENTIONAL 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 synchromarketing 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

Marketing Management Tasks

CONVENTIONAL MARKETING SIMULTATIONAL MARKETING DEVELOPMENTAL MARKETING SYNCHROMARKETING MAINTENANCE MARKETING DEMARKETING COUNTER-MARKETING

CHAPTER 1 Flashcards

(107 cards)