Podcast
Questions and Answers
Which of the following is NOT a characteristic of traditional media?
Which of the following is NOT a characteristic of traditional media?
What is the primary focus of contemporary marketing?
What is the primary focus of contemporary marketing?
What is a key element of Josiah Go’s perspective on marketing?
What is a key element of Josiah Go’s perspective on marketing?
How does Coca-Cola exemplify Philip Kotler's perspective on marketing?
How does Coca-Cola exemplify Philip Kotler's perspective on marketing?
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Which of the following is an example of a market offering?
Which of the following is an example of a market offering?
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What transforms needs and wants into demands?
What transforms needs and wants into demands?
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What best describes a product in the context of market offerings?
What best describes a product in the context of market offerings?
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What is the essence of marketing according to Philip Kotler?
What is the essence of marketing according to Philip Kotler?
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What are market offerings primarily intended to do?
What are market offerings primarily intended to do?
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Which strategy does Jollibee employ to outperform international competitors?
Which strategy does Jollibee employ to outperform international competitors?
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How does contemporary marketing strengthen customer loyalty?
How does contemporary marketing strengthen customer loyalty?
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How is customer satisfaction primarily determined?
How is customer satisfaction primarily determined?
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Which method can traditional media effectively utilize to reach potential customers?
Which method can traditional media effectively utilize to reach potential customers?
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What aspect of Coca-Cola's approach exemplifies Josiah Go’s definition of marketing?
What aspect of Coca-Cola's approach exemplifies Josiah Go’s definition of marketing?
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Which of the following statements aligns with both Josiah Go's and Philip Kotler's definitions of marketing?
Which of the following statements aligns with both Josiah Go's and Philip Kotler's definitions of marketing?
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What key factor helps to build customer loyalty?
What key factor helps to build customer loyalty?
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What element distinguishes market offerings from traditional product selling?
What element distinguishes market offerings from traditional product selling?
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In a market context, what do the actual and potential buyers represent?
In a market context, what do the actual and potential buyers represent?
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In the context of Coca-Cola, which of the following best describes 'value creation'?
In the context of Coca-Cola, which of the following best describes 'value creation'?
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What aspect of traditional media contributes to its effectiveness in advertising?
What aspect of traditional media contributes to its effectiveness in advertising?
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What is a primary goal of marketing as indicated by Philip Kotler?
What is a primary goal of marketing as indicated by Philip Kotler?
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What is an example of a market offering that includes intangible elements?
What is an example of a market offering that includes intangible elements?
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What aspect significantly influences a customer’s perception of value?
What aspect significantly influences a customer’s perception of value?
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What is a fundamental characteristic of marketing as it relates to exchange?
What is a fundamental characteristic of marketing as it relates to exchange?
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What additional value does Jollibee provide beyond just the food?
What additional value does Jollibee provide beyond just the food?
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What defines a market according to the provided information?
What defines a market according to the provided information?
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Which buyers are included in the global luxury car market?
Which buyers are included in the global luxury car market?
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What aspect is NOT a part of the Philippine market for local handicrafts?
What aspect is NOT a part of the Philippine market for local handicrafts?
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What is the nature of exchanges within markets?
What is the nature of exchanges within markets?
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How does Starbucks create customer loyalty?
How does Starbucks create customer loyalty?
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What describes potential buyers in a market?
What describes potential buyers in a market?
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Which option best represents the relationship between exchanges and markets?
Which option best represents the relationship between exchanges and markets?
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What is the main purpose of branding in a product strategy?
What is the main purpose of branding in a product strategy?
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Which of the following factors does NOT influence pricing of a product?
Which of the following factors does NOT influence pricing of a product?
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In the context of the marketing mix, what does 'place' primarily refer to?
In the context of the marketing mix, what does 'place' primarily refer to?
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What is a key feature of luxury watches like Rolex regarding their pricing strategy?
What is a key feature of luxury watches like Rolex regarding their pricing strategy?
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Which of the following best describes the concept of market segmentation in pricing?
Which of the following best describes the concept of market segmentation in pricing?
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Which aspect of product strategy is likely to enhance a product's perceived value?
Which aspect of product strategy is likely to enhance a product's perceived value?
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What aspect of the iPhone is considered part of its features?
What aspect of the iPhone is considered part of its features?
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Why is accessibility important in the context of product placement?
Why is accessibility important in the context of product placement?
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Study Notes
Marketing Definitions
- Josiah Go defines marketing as a continuous process that prioritizes profitably satisfying target customers' needs, wants, and expectations, surpassing competitors.
- Philip Kotler defines marketing as the process of building customer relationships by creating value, with the goal of capturing value in return.
Coca-Cola - International Marketing Example
- Coca-Cola creates value by adapting products to regional tastes and preferences and localizing marketing campaigns.
- Example: Coca-Cola offers "Coca-Cola Peach" in Japan, aligning with local preferences for fruit-flavored drinks.
- Coca-Cola builds relationships through consistent branding and localized content, making it a more desirable brand than competitors.
- Coca-Cola aligns with Josiah Go's definition by consistently satisfying customer needs and surpassing competitors in each region.
- Coca-Cola aligns with Kotler's definition by creating value through regional products and capturing value in return through strong market share in multiple regions.
Jollibee - Local Philippines Marketing Example
- Jollibee successfully satisfies local Filipino tastes and preferences, like its "Chickenjoy" and sweet-style spaghetti.
- Jollibee understands Filipino culture and preferences, offering tailored products and outperforming international competitors like McDonald's.
- Jollibee's customer-centric approach ensures continued loyalty and brand strength in the Philippines.
Demands
- Demands are needs and wants backed by purchasing power.
- Example: A customer may need transportation but want an electric vehicle, like a Tesla, due to environmental concerns, but will only demand it if they can afford it.
Market Offerings
- Market offerings are the products, services, or experiences that a company provides to meet customer needs and wants.
- Examples:
- Disneyland offers entertainment and a memorable family vacation experience.
- Spotify offers a music streaming service tailored to individual tastes.
Value and Satisfaction
- Value is a customer's perception of the benefits of a product versus its cost.
- Customers choose market offerings that offer the most value.
- Satisfaction is determined by how well a product meets or exceeds customer expectations.
- Example: A smartphone buyer may perceive great value in a new iPhone if it seamlessly integrates with other Apple products. If the phone meets or exceeds their expectations in performance and design, they will experience satisfaction.
Exchanges and Relationships
- Marketing involves satisfying needs and wants through exchange.
- In exchange, customers offer value (usually money) in return for a product or service.
- Companies aim to build relationships with customers through loyalty and trust, leading to repeat purchases and long-term loyalty.
- Example: Starbucks builds relationships through a rewards program where customers earn points for each purchase, creating loyalty and encouraging repeat purchases.
Markets
- A market consists of all actual and potential buyers of a product or service. It's where demand and supply meet and companies compete to meet customer needs and wants.
Traditional Marketing
- Traditional marketing includes print media (newspapers, magazines), broadcast media (TV, radio), direct mail, telemarketing, and outdoor advertising (billboards).
- Traditional marketing offers a broad reach, established credibility, and tangibility.
- Example: A local restaurant could promote a new menu using newspaper ads and radio spots.
Contemporary Marketing
- Contemporary marketing emphasizes a customer-centric approach, prioritizing customer needs and preferences over traditional product-focused strategies.
- Contemporary marketing builds long-term relationships with customers by offering tailored solutions.
- It is customer-centric, dynamic, and focuses on relationship-building.
- Example: A clothing brand might create a new collection based on customer feedback gathered through social media surveys, tailoring the product to customer preferences.
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Description
This quiz explores key marketing definitions by Josiah Go and Philip Kotler, focusing on how Coca-Cola applies these concepts in its international marketing strategy. Discover how Coca-Cola adapts to local tastes and builds customer relationships through value creation and localized branding efforts.
