POM(CHAPTER 1)

• American Marketing Association: the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for costumers, clients, partners, and society at large.
• Philippine Marketing Association: science and profession guided principally by the universal principles of ethics, corporate citizenship, and corporate social responsibility.
• the Marketing Process:

  1. the Situation Analysis
  2. Marketing Strategy Formulation
  3. Marketing Mix Decisions
  4. Implementation and Control
• Product: the item offered for sale. It can be a service or an item, it can be physical or in virtual or cyber form. Made at a cost and each us sold at a price.
• Core or Generic Product: all products have a ----. Can be identified as the purpose for which the product was created.
• Formal Product: tangible features, including styling, quality level, features, brand name, and packaging.
• Augmented Product: it has been enhanced by its seller with added features or services to distinguish it from the same product offered by its competitors.
• Goods: pen, lamp, mobile phone.
• Consumer Goods: purchased for (personal) consumption. Convenience Products, Shopping Products, Specialty Products, Goods not Required.
• Undifferentiated Products: characteristics are so identical, that it would be difficult to distinguish one purchased from one vendor or another.
• Consumable: a product whose benefit can only be uses by a consumer for only a short period of time.
• Convenience Goods: products that are purchased frequently, are usually inexpensive, and do not require much purchase effort and evaluation.
• Intangibility: not capable of being toucher.
• Needs: physiological necessities required for human survival. FOOD, SHELTER, AND CLOTHING.
• Wants: psychological, a wish or desire to posses something that will improve the consumer's life condition.
• Demands: consumer's desire to purchase products and willingness to pay a price for a specific product.
• Market: group of costumers who have both the willingness and financial capability to purchase a particular product.
• Market Demand: total demand for all potential costumers for a specific product over a specific period in a specific market area.
• Primary Demand: advertising intended to drive interest to the general product category, rather then a specific brand in particular.
• Selective Demand: demand for a specific brand of a product (company increases their brand identity).
• Services: therapy sessions, haircut, legal advice, surgery.
• Digitized or Virtual products: e-Books, audio files, website templates, PDFs.
• • Variability: no service provider can render the same as the same way every single time.
• • Inseparability: the consumer and the service provider must be both present as the service is being provided.
• • Perishability: services cannot be stored or warehoused.
• Shopping Goods: purchased less frequently than convenience goods, are relatively expensive, and require some amount of information.
• Specialty Goods: goods that require unusually large effort on the part of consumers to acquire.
• • Unsought Goods: goods that consumer seldom actively loof for, and are usually purchased for extraordinary reasons, such as fear of adversity, rather than desire.
• Industrial Goods: purchased in order to make other goods or services.
• Semi-durables: provides benefits for a longer period of time, usually several months.
• Durables: products that last a long time.
• Differentiated Products: are varied in their characteristics and features that they are readily distinguishable from another.