Marketing Principles and Strategies

• Marketing is defined as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”'
• "marketing is managing profitable customer relationships." - Kotler and Armstrong
• Many people can get confused in differentiating between a need and a want. A need pertains to a feeling of deprivation, and commonly relates to a basic necessity such as food, clothing, shelter, or social needs such as a need to belong. Customer Needs, Wants, and Demands
• A want, on the other hand, would relate to a particular preference of the person, as shaped by one's personality and knowledge, along with broader influences such as culture and societal factors. Customer Needs, Wants, and Demands
• A demand exists if the need or the want is supported by the person's purchasing power or the ability to pay for the product. To illustrate, you could feel hungry (the need) and you crave for Kentucky Fried Chicken (KFC) (the want). And, if you have the money to buy KFC, then there would be a demand for the product. Customer Needs, Wants, and Demands
• Customer needs and wants are not important factors to consider? False
• Market offerings serve to fulfill customers' needs and wants.
• The product is an important element of market offerings and products can run the range of pure physical products to pure services, or a combination of both? True
• Physical products are those such as canned meat, soaps, and toothpastes. Services, such as dental services, travel agencies, or call centers, are intangible and do not result to 'owning anything, but nevertheless can be marketed as well.
• Five Core Concepts in Marketing

  A) customer needs, wants, and demands

  B) market offerings

  C) customer value and satisfaction

  D) exchanges and relationships,

  E) markets

  
• Even ideas such as advocacies are marketed. Examples of these are the Department of Health's No Smoking campaign or the Do Not Drink and Drive campaigns of the government. In essence, virtually anything can be marketed. Market Offerings
• Satisfied customers who find value in your product are likely to patronize it again. The goal, therefore, is to consistently meet or even exceed consumer expectations. This contributes to the development of a preference for your brand and customer loyalty. Customer Value and Satisfaction
• The exchange consists of obtaining what one wants by offering something in return. The transaction could pertain to an exchange of goods or services for money. Exchanges and Relationships
• Market Offerings - A company offers its products/services to consumers in response to their needs. It must ensure that the quality of the product meets the standards set by the industry and the target market. Companies need to understand how their products compare with other brands in terms of price, features, benefits, and overall performance. If there is no perceived difference between competing products, then companies will compete based on price alone.
• Customer Needs, Wants, and Demands - Customers have different needs, wants, and demands which they seek to satisfy. These needs vary from person to person depending on their age, gender, income level, education, occupation, lifestyle, etc. They also change over time due to changes in circumstances (e.g., marriage, birth of children).
• An exchange can also happen without using money; it could mean accepting an idea or being converted to a new way of thinking?

  True
• In marketing, the point of the exchange is to foster a relationship?

  True
• Marketers only focus on getting new customers?

  False
• They need to maintain a good relationship with their current customers to ensure that they keep them continuously happy and satisfied with their products?

  True
• The market is composed of all people who buy the product, as well as those who could potentially purchase the product.
• Approach of marketing

  A) Products era

  B) sale era

  C) marketing concept era

  D) customer relationship era

  
• Marketing Management Orientation

  A) Production Orientation

  B) Selling Orientation

  C) Marketing Orientation

  D) Societal Marketing Orientation

  
• 4ps of marketing: product, price, place, promotion
• Alternative Ways for Creating Value

  A) Increasing Benefits

  B) Best Price

  C) Best Product

  D) Best Service

  E) Reducing Sacrifice

  F) Customer Satisfaction

  
• Types of Relationship Marketing

  A) Experiential Marketing

  B) Permission Marketing

  C) One to One Marketing

  D) Customer Relationship Management

  E) Customer Relationship and it's Changing Nature

  
• Micro environmental

  A) Company Employees

  B) Customer

  C) Marketing Intermediaries

  D) Competitors

  
• Macroenvironmental

  A) Economic Environment

  B) Demographic Environment

  C) Cultural Environment

  D) Political Environment

  E) Natural Environment

  F) Technological Environment

  G) Interest Group