Marketing Flashcards by Khient Leonard Limpag

It is about planning and executing the
development, pricing, distribution, and promotion of
products and services to satisfy the needs of your
customers

Marketing

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“foundation of its business and what keeps it in
existence”
“Marketing and innovation produce results, all the
rest are costs.”

Drucker, 1954

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buyer or product or services

Customers

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offered to the market for
consumption

Products

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a forum for transactions

Market

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planning, design, and development
of manufactured and service products

Marketing

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a customer-centric
organizational marketing philosophy

Market Orientation

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a particular group of
consumers at which a product or service is aimed

Target Market

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Refers to the collective of individual customers’ or
organizations’ wants or needs for a product which
have:
- The ability or authority to purchase that
product.
-Can obtain that product legally.

Market

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individual consumer or organization wants or needs a product

POTENTIAL MARKET

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those in the potential market who can afford to buy the product.

AVAILABLE MARKET

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those in the available market that can legally obtain the desired product

QUALIFIED AVAILABLE MARKET

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those individuals in the qualified available market that the business wants to supply its product

TARGET MARKET

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those who have purchased the product

PENETRATED MARKET

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The percentage of the qualified available market that a single organization serves

Market Share

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Market share can do three things:

Grow market share
Maintain current market share
Drop out of the market altogether

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when a business grows through expanded sales of its existing products in existing markets.

MARKET PENETRATION

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when a business grows through the sale of new products in existing markets.

PRODUCT DEVELOPMENT

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when a business grows through expanded sales of existing products in new markets

MARKET DEVELOPMENT

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when a business grows through expanded sales of new products in new markets

MARKET DIVERSIFICATION

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To bring this product to a new market at
a price that customers will pay requires
having the following information:

MARKET ENTRY

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An alternative way of considering the target
markets.

Market Segmentation

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The process of splitting the known market for a product into separate parts.

Market Segmentation

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Customers within segments may be categorized in a variety of ways, such as:

by age
social class
lifestyle
setting
geography
vocation
purchasing habits.

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- It can lead to a position where the marketing effort is focused on a portion of the population to the neglect of other portions. - Potential for redundancy and increased costs.

DRAWBACKS

- One of two options for resolving financial stability - Cutting down products or services that do not give you profit in order to potentially free resources to be reinvested in a company’s more profitable products

MARKETING RETRENCHMENT

The target market for a specific product or service

Niche Market

The ability to influence consumer perception

Market Positioning

The goal is to generate sales higher than the competitors

Market Leader

This is all about studying the behavior of customers, needs, and trends to create changes for your organization to be successful

Innovator

This method is designed around customer needs and interests.

Customer-Centric

refers to the variables that a business can actively manage to satisfy the needs of target markets

Marketing Mix

7ps of marketing mix

product, price, promotion, place, physical evidence, processes, people

all of the products an organization offers for consumption

Product Mix

goal achievement strategies ------> product mix

Product Portfolio Analysis

monitoring current products * market performance * changing strategy * changing products

Product Management

If management considers all product strategies in conjunction with one another, the company is more likely to benefit than if individual product decisions are made independently.

Product Diversification

Opportunities that must be bypassed in order to pursue one business strategy rather than another

Opportunity Cost

A unique image for the product in the minds of target market members

Product Positioning

Commitment to providing customers with products of maximum standards

Quality

an element of quality & an essential element in designing health care products

Safety

Product Positioning is composed of

Quality Safety Technical Leadership Customer Service

the fairly predictable way that sales and profitability of products change over time

Product Life Cycle

Low sales, high expenses, and financial losses

Introduction Stage

Introduction Stage composed of:

1. High Profile Marketing 2. Preemptive Penetration 3. Selective Penetration 4. Low Profile Marketing

Large-scale promotion; expected extensive competition

High Profile Marketing

Heavy promotion + low price; Substantial competition

Preemptive Penetration

Moderate Promotion; high price

Selective Penetration

Small-scale promotion; low price

Low Profile Marketing

the amount a customer must pay in money, time, inconvenience, and so on and the mechanisms used to justify the amount

Price

Cost-based pricing is composed of:

1. Markup Pricing 2. Cost-plus pricing 3. Target return pricing 4. Payback period pricing

A fixed percentage marks up products over cost

Markup Pricing

Summing up the cost to develop, produce, market and sell services and products + arbitrary margin of pofit

Cost-plus Pricing

Target return percentage+sum of the costs

Target return pricing

Looks ahead to when the return on investment will be at a desirable level

Payback period pricing

Taste and Expectations

Targeted Customers

Mission

Organization

It includes the various methods used to inform the public about the product and sell it. It also involves communicating with the general public and previous and current customers.

Promotion

Communication Options

1. Advertising 2. Direct Marketing 3. Personal Selling 4. Public Relations 5. Sales Promotion

All the businesses paid for means of promoting itself and its products, including websites

Advertising

mail, phone, and electronic communications directed to a target market

Direct Marketing

face-to-face communication with potential, current, and past customers

Personal Selling

all free information distributed by others about the business and its products

Public Relations

Time-limited incentives associated with the purchase of product

Sales promotion

A combination of communication tools and it is based on the strategic marketing plan to promote the product(s), an integrated combination of this communication methods are selected

Communication Mix

Promotional Program:

1. Product awareness 2. Product knowledge 3. Product differentiation from alternative products 4. Support comparisons that favorably represent the promoted product 5. Form a product preference based on steps 1–4 6. Act on this preference by purchasing the preferred product

Marketing Ethics - health care marketing should:

1. Put patient welfare first 2. Avoid unnecessary services 3. Maintain high standards of honesty and accuracy 4. Be accountable to the public

Customers need other forms of _________ to help them judge if they are about to or have bought a high-quality product and if it will be effective in meeting their needs

Physical Evidence

It refers to the way business activities flow and are coordinated. Specific operations of importance to customers include ease of setting appointments, timeliness of communications, and diligence in pursuing accurate information from third-party payers.

Processes

It includes all members of a business. All the members of a business a customer sees and hears can influence their perception of quality.

People

It starts with a potential or actual customer's first contact with the business. Customer attention is on the essential observable and experiential elements like:

Customer service

One of the hardest characteristics to demonstrate to healthcare customers because it is hard for them to evaluate.

Technical Leadership

It can be characterized by management's success in developing a high-performing staff, and providing the best technical equipment and appropriate settings.

Technical Leadership