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34 Cards in this Set
- Front
- Back
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form of communicating or promoting the value of a product, service, or brand to the customers |
Marketing |
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simplest, oldest, and most natural way of marketing |
by word of mouth marketing |
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aims to increase sales of products or services |
Marketing for profit |
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aims to communicate messages for social purposes |
Marketing for non profit purposes |
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defines marketing as the activity, set of institutions , and processes for creating, communicating, delivering, and exchanging offerings ... |
American marketing association |
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the key to the definition of AMA is the word _____ |
value |
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defines marketing as a science and a profession |
Philippine marketing association |
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goals of marketing (2) |
design and implement customer-driven marketing strategies, capture customer value to create profits |
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Marketing proces |
The situation analysis, Marketing strategy formulation, marketing mix decisions, implementation and control |
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Products or goods are physically ______ items |
tangible |
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3 Product levels |
core, formal, augmented |
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the ability of the manufacturers to successfully distinguish their products from other competitors is called ___________ |
branding |
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provides product/service a unique distinguishing name |
branding |
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When customers begin to attach value to the brand than to the product itself, this appreciation im a brands value from the point of view of customers is called ___________ |
brand equity |
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physical products are tangible; can be inspected by customers prior to purchase |
Intangibility |
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no service provider can render the same service in exactly the same way |
Variability |
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the service provider must be present each and every time the service is provided |
Inseperability |
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unconsumed services cannot be stored or warehoused |
Perishability |
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defined as physiological necessities |
needs |
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more psychological, indicating preferences that can improve the consumer's life condition |
Wants |
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defined as the group of individual/organizational customers |
market |
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total demand of all potential customers |
market demand |
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refers to the total demand for all brands of a particular product/service; total industry demand |
Primary demand |
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demand for a specific brand of product/service |
Selective demand |
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emerges when there is no demand yet |
potential demand |
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customers in a market are unable to satisfy specific desires because no products/services is available |
latent demand |
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number of people of a particular market at present that would actually purchase the product/service offered |
current demand |
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refers to the total satisfaction consumers can receive from the consumption of a product/service |
Utility |
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refers to the value customers place on a product/service |
value |
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measure of how well customer expectations from a purchased product/service have been met |
satisfaction |
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quantitative difference between the expected benefits and cost of a particular product in comparison to a similar product |
customer-perceived value |
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a comparison of the benefits offered by a company's product to customers in relation to the amount it is asking customers to pay |
Customer Value Proposition |
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Levels of Competition |
Desire competitors, Generic competitors, Form competitors, Brand competitors |
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classification of products/goods |
according to use, differentiation, durability, type |
