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    Marketing Exam Notes

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    Berdel Pasco
    Marketing involves creating value for and building relationships with customers. It encompasses product development and promotion, as well as communication to establish trust. The goal is to understand customer needs and deliver superior value to build loyalty over time. Marketing strategies must be implemented through specific tactics, activities, budgets and accountability. Both internal microenvironmental factors and external macroenvironmental influences must be considered.

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    Marketing Exam Notes

    Uploaded by

    Berdel Pasco
    147 views3 pages
    Marketing involves creating value for and building relationships with customers. It encompasses product development and promotion, as well as communication to establish trust. The goal is to understand customer needs and deliver superior value to build loyalty over time. Marketing strategies must be implemented through specific tactics, activities, budgets and accountability. Both internal microenvironmental factors and external macroenvironmental influences must be considered.

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    Marketing involves creating value for and building relationships with customers. It encompasses product development and promotion, as well as communication to establish trust. The goal is to understand customer needs and deliver superior value to build loyalty over time. Marketing strategies must be implemented through specific tactics, activities, budgets and accountability. Both internal microenvironmental factors and external macroenvironmental influences must be considered.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    147 views3 pages

    Marketing Exam Notes

    Uploaded by

    Berdel Pasco
    Marketing involves creating value for and building relationships with customers. It encompasses product development and promotion, as well as communication to establish trust. The goal is to understand customer needs and deliver superior value to build loyalty over time. Marketing strategies must be implemented through specific tactics, activities, budgets and accountability. Both internal microenvironmental factors and external macroenvironmental influences must be considered.

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    MARKETING EXAM NOTES

    MARKETING - Marketing is the process by which companies create value for customers and
    build strong customer relationships in order to capture value from customers in return. Lifeblood
    of every business.
    Importance and extend depends on:
    • The perspective of the owner Marketing is not just about
    • The size of the business selling or advertising. It is
    • Kind of products or services being offered also a form of
    communication and
    Major Functions: promoting the value of a
    product, service, or brand.
    • Offering products and services to customers
    • Ensuring that these products are purchased
    Profit is the main motivation of business operations
    Communication- building connections or long-lasting relationship with customers.
    Theodore Levitt: “find and keep customers”
    Andrew Davis: “Content builds relationship. Relationships are built on trust and trust drives revenue”
    American Marketing Association (AMA) – Marketing is the activity, set of institutions, and
    processes for creating, communicating, delivering, and exchanging offerings that have values for
    customers, clients, partners, and society at large.
    Creating the process of collaborating with suppliers and customers to create offerings
    Communicating describing those offerings, as well as learning from customers
    Delivering getting those offerings to the consumer in a way that optimizes value.
    Exchanging trading value for those offerings
    The creation, communication, and the delivery of value to customers.
    Philippine Marketing Association – Marketing is a science, art and profession guided primarily by
    the universal principles of ethics, corporate citizenship, and corporate social responsibility (non-profit
    organizations and profit oriented)
    Profit Oriented – Marketing aims to increase sales of products or services
    Non- Profit – aims to communicate messages for social purposes
    GOALS of Marketing – also satisfying customers’ needs and wants (UIDDBCP)
    • Understand the market and its consumers and satisfy their needs and wants
    • Introduce and innovate products and services that improve quality of life
    • Design and implement effective customer-driven marketing strategies
    • Develop marketing programs that deliver superior value to customers
    • Build and maintain mutually beneficial and profitable customer relationships
    • Capture customer value to create profits
    • Promote value transactions with full regard to society’s well-being
    Traditional and Contemporary Approach to Marketing
    1. Traditional Approaches
    • The Production Concept – consumer prefers products that are inexpensive, affordable,
    and widely available.
    • The Product Concept – customers will always prefer products of high quality
    • The Selling Concept – customers are generally timid and must be persuaded into buying.
    “sell what is manufactured rather than manufacture what the market wants”

    2. Contemporary Approaches to Marketing


    • The Marketing Concept – considers the needs of both the consumer and product offered.
    Provide a solution to the customer’s actual or perceived problem.
    • The Relationship Marketing Concept – All marketing activities are for the purpose of
    establishing, maintaining and strengthening relationships with customers
    • The Societal Marketing Concept – Include considerations that protect the customer’s
    well-being and interests, as well as the interests of the environment and society.
    Relationship Marketing – building and maintaining profitable customer relationships by delivering
    superior customer value and satisfaction, thus ensuring brand loyalty.
    Customer Driven Marketing - focuses on targeting a specific set of customers, and retaining them
    by meeting their needs
    Customer – a person or organization that transacts with business organization to buy goods
    Customer Relationship Development Strategies (COCEU):
    • Communicate with customers frequently and effectively Word of Mouth - A
    • Offer customer rewards satisfied customer
    • Conduct special events and provide sponsorships shares his experience
    • Enhance customer service with relatives and
    friends which can result
    • Utilize languages to reach a wider customer base
    in additional sale.
    S M A R T GOALS
    • Specific – be specific on what you want to accomplish
    • Measurable – provides a way to measure progress
    • Achievable / Attainable – how important a goal is to you and what you can do to make it
    attainable
    • Relevant / Realistic – focusing on something that makes sense with the broader business
    goals.
    • Time-bound – if it lacks realistic timing, chances are you are not going to succeed. Providing
    a target date for deliverables is imperative.
    TACTICAL MARKETING PROCESS - Determines the means or tactics to implement the strategies.
    Involves the identification of specific activities, timetables, responsibilities, and budgets and their
    implementation. This ensure that the strategies are implemented successfully.
    Marketing Strategies → Action Plans/Tactics → Marketing Activities → Activity Timetables →
    Responsibility/Accountability → Activity Budgets → Monitoring and Control
    Once the tactics are identified, they are developed into an action plan. It is a series of marketing
    activities that includes timetables for each activity pinpointed responsibilities or accountabilities
    for each, and the corresponding budgets. These are monitored regularly to ensure effectiveness.
    (Strategies comes first before tactics. Come up with a strategy and think of tactics to do that strategy)
    The Marketing Microenvironment – forces that are internal to the company or those that are
    relevant to the company’s operations.
    ✓ The Company
    ✓ Suppliers – provide raw materials, utilities, labor, capital, and equipment
    ✓ Marketing Intermediaries – channels that link the organization to its customers
    ✓ Customers – create the demand for products and services
    ✓ Competition – the demand of a company’s products and services is affected by the nature
    and intensity of competition.
    ✓ Publics – shareholders, the community, financial institutions, media, the government and
    society.
    The Marketing Macroenvironment – factors that are external to the organization. They can affect
    the company’s operational viability. Can be opportunities or threats.
    ✓ Politico legal – includes both political and legal factors
    ✓ Economic – Inflation rate, foreign exchange rates, consumer spending shifts, consumer price
    index, and etc.
    ✓ Sociocultural – specific culture that dictates how business is conducted
    ✓ Technological – composed of current and impending technological change
    ✓ Natural Environment – uncontrolled use of finite natural resources
    Marketing Research – process of collecting and analyzing data to address a specific marketing
    problem, help reduce risk in decision making
    Marketing Research Process (SDGIP):
    1. State the objectives
    2. Determine the research methodology
    3. Gather data
    4. Interpret the results
    5. Present the results
    Consumer Market individuals purchases products and services for personal consumption
    Consumer Purchase Decision Process (PIAPP):

    Factors Influencing Consumer Behavior - refers to the consumers’ beliefs, traditions, mores,
    norms and values from the family and institutions in the society where they live.
    ✓ Culture
    ✓ Social
    ✓ Personal
    ✓ Psychological
    Business Markets – composed of firms and business
    organizations that purchase semi-processed goods and raw
    materials either for their operations or for reselling
    (RSESE).
    Stages in Target Marketing
    Stage 1. Marketing Segmentation
    • The process of dividing the market into similar parts
    or groups
    Stage 2. Marketing Strategy
    • Companies select their target markets. It requires the
    use of great amount of resources.
    Stage 3. Positioning
    • Process of communicating the image of a brand into the minds of consumers.

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