Lesson 2 Flashcards

(36 cards)

1
Q

fundamental truth that serves
as foundation for a system or chain of
reasoning

A

Principle

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2
Q

teaches the
experience and process of actually doing
marketing – not just the vocabulary.

A

Principles of marketing

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3
Q

offers this definition of
“Marketing: the process of planning and executing
the conception, pricing, promotion, and distributing
of ideas, goods and services to create exchanges that
satisfy individual and organizational objectives.

A

The american marketing association

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4
Q

has defined Marketing as “ the total of
activity involved in the transfer of goods from the
producer or seller to the consumer or buyer,
including advertising, shipping, storing and selling.

A

Wikiversity

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5
Q

defines
Marketing as a social and managerial
process by which individuals and groups
obtain what they need and want through
creating, and exchanging value with other”
He even offers the simplest definition “
Marketing is managing profitable customer
relationship

A

Dr. Philip Kotler

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6
Q

Delivering your brand’s value, through
strategic storytelling and creating continuous
irresistible experiences that connect to the
target market that trigger the desire to share
it with others.——-

A

Marketing by HEC Angeles

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7
Q

Goal of marketing

A

According to Armstrong and Kotler (2005), the
two-fold goal of marketing is :

1.To attract new customer by promising
superior value

  1. To keep and grow customer by delivering
    satisfaction.
  2. Marketing Strategy has the fundamental
    goal of increasing sales and achieving a
    sustainable competitive advantages.
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8
Q

applies to anything that is being
marketed, whether it is tangible _____, an
intangible good, a service, a place, or even a person.

A

Product

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9
Q

Examples of products ( give 5)

A

Amusement Parks, Apps on smartphones, Banking
service, Coffee shops, Hotel Accommodations, legal
service, Music band, Pet care, Radio Station, Social
Media Sites, Telecommunication Service, Television
Programs

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10
Q

is created when
customers are willing to pay more for your
product or service than competitors or when
they prefer your version of a product or service
to all other because it meets their needs better
and maybe even exceeds their
expectations

A

Superior Value

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11
Q

is your approach to
achieving your competitive advantage.

A

Marketing Strategy

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12
Q

contains the activities
that will get you there, your competitive
advantage

A

Marketing Plan

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13
Q

What example is this:
Jollibee delivers great-tasting, high-quality, and
budget-friendly food to the masses. Their main
product is the Filipino-favorite crispy Chickenjoy.
One of their other bestsellers is the Yumburger
(this is their signature product for some time),
and sweet-tasting Jolly Spaghetti (Filipinos like
their spaghetti sweet).

A

Marketing Strategy

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14
Q

What example is this?

Jollibee Foods Corporation follows ironclad standards of
food quality, service, and cleanliness. They have what they
call the FSC for their fast-food restaurant chain.

F-Food served to the customers must meet the company’s
excellence standards. If it doesn’t meet the company’s
standard, it will not be served at all.

S-Service must be fast and courteous.

C-Cleanliness must be maintained from the kitchen to
utensils.

A

Marketing Plan

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15
Q

Has become the world, largest retailer in the world by
delivering on its promise “always low prices. In 2007, it
sold over 500 Billion Dollors worth of products.

A

Wal-mart

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16
Q

A large
part of its success is due to the natural of the culture that
its founder, the late _____ _____, Established.

17
Q

Company Associates are expected to follow the
___-foot attitude which is to promise that when a staff
comes within __ feet of a customer, he or she will
look at the customer in the eye, greet him and ask
how to be of help. Walton wanted all his managers
to take a hands-on approach to their jobs and be
totally committed to Wal-mart’s main goal which he
defined as total customer satisfaction.

18
Q

which states that employees
should strive to answer customer request by sundown

19
Q

is a tool used by
businesses and Marketers to help determine a
product or brands offering.

A

Marketing Mix

20
Q

Marketing mix is created by

A

E. Jerome McCarthy in 1960

21
Q

should fit the task consumers
want it for, it should work and it should be what the
consumers are expecting to get.

22
Q

The product should be available from where
your target consumer finds it easiest to shop. This
may be High Street, Mail Order or the more current
option via e-commerce or an online shop. How will
you deliver the product or services.

  • Distribution Channel
23
Q

The Product should always be seen as
representing good value for money. This does not
necessarily mean it should be the cheapest available;
one of the main tenets of the marketing concept is that
customers are usually happy to pay a little more for
something that works really well for them.

24
Q

Advertising, PR, Sales Promotion, Personal
Selling and, in more recent times, Social Media are all
key communication tools for an organization. These tools
should be used to put across the organization’s message
to the correct audiences in the manner they would most
like to hear, whether it be informative or appealing to
their emotions.

25
In the late 70’s it was widely acknowledged by Marketers that the Marketing Mix should be updated. This led to the creation of the Extended Marketing Mix in 1981 by
Booms & Bitner
26
All companies are reliant on the ____ who run them from front line Sales staff to the Managing Director. Having the right ______ is essential because they are as much a part of your business offering as the products/services you are offering.
People
27
–The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for.
Processes
28
Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible.
Physical Evidence
29
Approaches of marketing
1. Traditional Approach 2. Contemporary Approach
30
Relies on offline strategies, including direct sales, direct mail, ( postcards, brochures, letters, fliers), Tradeshows, print advertising ( Magazines, Newspaper, Coupon books, Billboards) referral ( also known as word-of-mouth marketing, radio and television
Traditional Approach
31
Pros of Traditional Approach
1. Traditional marketing is harder to ignore. 2. Traditional marketing offers DIY options. 3. Traditional marketing poses less potential risk for your brand. 4. Traditional marketing is better at reaching certain audiences. 5. Traditional marketing, in the form of direct mail, is better able to deliver specific offers for specific people.
32
Who created the Pros and Cons of Traditional Marketing
Mary Ellen Georgas-Tellefsen
33
Cons of traditional Approach
1. Traditional marketing can be more expensive than digital marketing. 2. Traditional marketing is often not as measurable as digital marketing. 3. Traditional marketing can take longer to execute and refine than digital campaigns. 4. Traditional marketing doesn’t have the same ability to target and sub-segment as digital. 5. Traditional marketing is gradually losing its audience.
34
Are strategies that when implemented offer greater support for their client base with a product rage that varies depending on what the target market desires. Customer focused approached
Contemporary Approach
35
Pros of contemporary approach
1.The ability to target particular demographics or interest groups. 2.Detailed metrics on audience responses, including open rates, viewing time etc 3.Lower costs and a greater return on investment 4.Engagement/Interaction with the client
36
Cons of contemporary approach
No Privacy Susceptible to Blockers Prone to Change