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ABM 305: Marketing > Principles of Marketing > Flashcards

Principles of Marketing Flashcards

Definition of Marketing up to Classification of Products and Goods (66 cards)

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1
Q

Form of communicating / promoting the value of a product, service, or brand

A

Marketing

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2
Q

This is a form of marketing aimed to increase sales.

A

Marketing for Profit

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3
Q

This is a form of marketing aimed to communicate a message for social purposes.

A

Marketing for Non-Profit

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4
Q

Who stated: “Marketing is the activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.”

A

American Marketing Association

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5
Q

Who stated: “[Marketing is] A science and a profession guided principally by the universal principles of ethics, corporate citizenship, and corporate social responsibility.”

A

Philippine Marketing Association

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6
Q

What are the Goals of Marketing?

A
  • Understand Market and Consumers; Satisfy their changing Needs and Wants
  • Introduce and Innovate Products and Services that Improve Condition and Quality of Life
  • Design and implement effective Customer-driven Marketing Strategies
  • Develop Marketing Programs that deliver Superior Value to customers
  • Build and Maintain Mutually Positive and Profitable Customer Relationship
  • Capture Customer Value to create Profits
  • Promote valuable Transactions with Full Regard to Society’s Well-being
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7
Q

Understanding Market and Consumers and Satisfying their changing Needs and Wants is an example of…

A

Goals of Marketing

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8
Q

Introduce and Innovate Products and Services that Improve Condition and Quality of Life is an example of…

A

Goals of Marketing

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9
Q

Design and implement effective Customer-driven Marketing Strategies is an example of…

A

Goals of Marketing

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10
Q

Develop Marketing Programs that deliver Superior Value to customers is an example of…

A

Goals of Marketing

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11
Q

Build and Maintain Mutually Positive and Profitable Customer Relationship is an example of…

A

Goals of Marketing

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12
Q

Capture Customer Value to create Profits is an example of…

A

Goals of Marketing

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13
Q

Promote valuable Transactions with Full Regard to Society’s Well-being is an example of…

A

Goals of Marketing

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14
Q

The Marketing Process Overview consists of…

A
  • Mission
  • Situation Analysis (Macrolens, Microlens, SWO, etc.)
  • Marketing Strategy Formulation
  • Marketing Mix Decision (7Ps, etc.)
  • Implementation and Control
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15
Q

This is a Product Level wherein it is purpose the product was created / needed

A

Core / Generic

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16
Q

This is a Product Level wherein it meets actual consumer needs. This includes the product quality and features.

A

Formal / Actual

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17
Q

This is a Product Level wherein it gives Additional Benefits to make Product more Attractive

A

Augmented

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18
Q

The Classification of Products and Goods are According to…

A
  • Use
  • Differentiation
  • Durability
  • Type
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19
Q

Products and Goods According to Use include…

A
  • Consumer Goods
  • Industrial Goods
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20
Q

Purchased for Consumption

A

Consumer Goods

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21
Q

Raw materials used to make other goods

A

Industrial Goods

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22
Q

Products and Goods According to Differentiation include…

A
  • Undifferentiated Goods
  • Differentiated Goods
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23
Q

Physical characteristics are identical and cannot be distinguished between sellers

A

Undifferentiated Goods

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24
Q

Physical characteristics are varied and can be distinguished between sellers

A

Differentiated Goods

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25
Products and Goods According to Durability include...
- Consumable Goods - Semi-durable Goods - Durable Goods
26
Benefit is only for a short period. Needs time to be consumed.
Consumable Goods
27
Benefit is for several months.
Semi-durable Goods
28
Benefit is for years, lasts long, expensive.
Durable Goods
29
Products and Goods According to Type include...
- Convenience Goods - Shopping Goods - Specialty Goods - Unsought Goods
30
Frequently Purchased, Cheap, Little effort and evaluation for purchase
Convenience Goods
31
Frequently Purchased, Costs more, Requires Evaluation to Purchase.
Shopping Goods
32
Unusually Large Effort to Purchase
Specialty Goods
33
Products that are seldom actively looked for
Unsought Goods
34
An act provided by a party that creates value and has benefits
Service
35
Examples of Services include...
- Schools - Agencies - Restaurants - Hospitals; etc.
36
The Attributes of a Service include...
- Intangibility - Variability - Inseparability - Perishability
37
Inability to be evaluated before purchase. Its quality is linked to its delivery and ability to meet customers' expectations.
Intangibility
38
A way to combat this Attribute of Service is to provide a product alongside the service.
Intangibility
39
Services cannot be performed exactly the same every time.
Variability
40
A way to combat this Attribute of Service is to have a standardized process or procedure in place to ensure uniformity.
Variability
41
Typically produced and consumed simultaneously.
Inseparability
42
Can't be stored, saved, or inventoried for the future.
Perishability
43
Basic necessities that are the bare minimum for survival.
Needs
44
Our desires uninvolving basic necessities. Shaped by cultural and individual influences.
Wants
45
Needs + Desires / Wants + Purchasing Power =
Demand
46
A system or a venue wherein you exchange goods, services, and/or resources.
Market
47
Total number of quantity all consumers can and want to purchase. Affected by price, consumer income, preferences, availability of product and substitutes, etc.
Market Demand
48
Total demand for the product as a whole; includes all brands of the product.
Primary Demand
49
Demand for a specific brand, product, or service.
Selective Demand
50
Expected demand of a product or service that has yet to be put into fruition or emerge.
Potential Demand
51
Unrecognized demand for a unfulfilled need or a need without a currently available solution.
Latent Demand
52
The immediate needs and preferences of the consumers.
Current Demand
53
Any company within the same or similar industry vying for same customer base.
Competition
54
A type of competition wherein products fulfills the same need.
Direct Competition
55
A type of competition wherein it fulfills the same basic need but serves in a less direct and/or unconventional way.
Generic Competition
56
A type of competition wherein products are in different forms but serves the same basic function.
Form Competition
57
A type of competition wherein different brands compete for the same target consumers.
Brand Competition
58
Market Share is equal to...
(Annual Revenue / Total Industry Revenue)(100)
59
The company with the largest market share is called...
Market Leader
60
Perceived worth of a product or service in relation to its cost. Varies from consumer to consumer.
Value
61
Level of contentment or fulfillment after usage. Crucial for customer retention, loyalty, and positive word-of-mouth.
Satisfaction
62
The usefulness of and benefits garnering overall satisfaction from a product or service.
Utility
63
Evaluating Benefits VS Cost. Subjective assessment on the product or service's worth in comparison to the available alternatives.
Consumer Perceived Value
64
How do we enhance Consumer Perceived Value?
- Advertise Aggressively and Invest Heavily in Highlighting the Product's Features - Build Strong Brand Reputation - Enhance Customer Service - Personalization - Effective Pricing Strategies
65
Statement outlining the unique benefits and value a company offers through their products and/or services.
Customer Value Proposition
66
Defines how a product and/or service solves a problem, meets a need, and/or improves a situation for the customer.
Customer Value Proposition

ABM 305: Marketing (4 decks)

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