Pom Reviewer 1st Quarter PDF

to create their desired products DEFINITION OF M ARKETING themselves Marketing- is the creation and 2. Task Utility- refers to offering c...

to create their desired products DEFINITION OF M ARKETING themselves Marketing- is the creation and 2. Task Utility- refers to offering communication of value to customers. It services which consumers may not must satisfy human needs and wants be capable of doing or may not like through the exchange process and the doing themselves. building of long-term relationships 3. Place Utility- refers to the availability of the product or service The company and its market are equally at accessible locations important. It is marketing that gives 4. Time Utility- refers to the fulfillment to both components. satisfaction derived by customers in The customer and competition are the availing of products or services on time. two interacting components of Marketing 5. Possession Utility- refers to ensuring that consumers have full Need- the customer’s desire for a product or service. possession of the product or service The product or service must have a specific at the right time through fast benefit payment processing (cash or credit) that satisfy the functional or emotional needs and delivery. Wants- are higher level human needs as they appeal more to the emotions M arketing Concept - is a business Utility- is the power of a good or service to philosophy, which holds the key to satisfy a particular need or want of a achieving organizational goals consists of consumer. It is also the term for the benefit determining the needs and wants of target derived from acquiring and using a markets and delivering the satisfaction more particular goods or services effectively and efficiently than competitors do. Utility Concept of M arketing: 1. Form Utility- refers to the M arketing Concepts: conversion of raw materials into 1. Marketing must be customer products that suit the preferences of oriented - must be focused on determining consumers so that they do not have what will satisfy the needs and wants of the target customers. economic development for the nation. 2. Marketing must be coordinated 2. Maximize Consumer Satisfaction - activities - must start in the product planning customer satisfaction is the challenge process and it must be a worth of customers’ of the marketing organization.It embrace money careful analysis of the market demand 3. Marketing must be able to achieve which varies with time and social the performance target goals and development of society. objectives - aims to achieve its profit, objectives, 3. Maximize Choice of Goods or Service - and goals. These goals and objectives hinge on Development of new products needs research. the increase in sales volume and customers’ Maximizing customer choice entails cost as the patronage. economies scale do not operate in production GOALS OF M ARKETING of goods. Goals- top-level broad goals to show how 4. Maximize the Quality of Life - the business can benefit from channels. Life satisfaction is more than the physical comfort. Goals are the broad aims used to shape The customer buys product that would help them strategy. to make their life easier. Objectives- specific SMART objectives to Examples of noteworthy marketing goals: give clear direction and commercial targets 1. Identifying the target market SMART 2. Increasing sales and profit 1. S-MART 3. Increasing brand awareness 2. M-EASURABLE 4. Increasing market shares 3. A-TTAINABLE 5. Countering competitive strategies 4. R-EALISTIC 6. Reputation 5. T-IME BOUND 7. Increasing distribution channels THE GOALS OF M ARKETING AND THEIR SOCIAL EFFECTS 1. Maximize the Consumption of Goods - maximum consumption generate MARKETING MANAGEMENT PHILOSOPHIES 2. CONTEMPORARY MARKETING - consumer focus - offers products and services based on what the 1.PRODUCTION CONCEPT- lower production cost target market desires and concentrate in production efficiency 2.PRODUCT CONCEPT- product performance is Business to Business- B2B marketing Business to Consumer- B2C marketing given priority Brand marketing 3.SELLING CONCEPT- aggressive marketing for Cloud marketing the firm's product or service Telemarketing 4.MARKETING CONCEPT- provide solution to Guerilla marketing Push marketing customers Influencer marketing 5.RELATIONSHIP MARKETING CONCEPT- ensure customer satisfaction and relation and preference EMERGING TYPES OF MARKETING by profiling and monitoring habits AND THEIR APPLICATION 6.SOCIETAL MARKETING CONCEPT- aims to protect the interest of the customer, the 1. SEARCH ENGINE OPTIMIZATION environment, and the society. - concerned with increasing a business visibility and rankings on search engine result pages APPROACHES TO MARKETING 2. PAY PER CLICK ADVERTISING - the advertiser is only charged based 1. TRADITIONAL MARKETING on the number of times someone - advertising channel we see daily clicks on the ads - This isn't online - company focus 3. EMAIL MARKETING - distribution of messages through A. PRINT MARKETING emails - news paper, brochure, magazine, flyers, etc. B. BROADCAST MARKETING 4. REFERRAL MARKETING - tv and radio ads - customer pleased with the results - use of celebrities to endorse the product gotten from a product refers the C. REFERRAL OR WORD OF MOUTH product to another person - who spread the product cheapest but most effective 5. AFFILIATE MARKETING - internet marketing where a third 1. ANSOFF'S MATRIX THEORY party promotes a product and earns - recommends that businesses should try to commission diversity their product 2. THE MARKETING MIX 6. VIDEO MARKETING - used of 7 P'S - most interactive types of online Product marketing Price - great way to pass messages to Place target customers Promotion - youtube is the second biggest search engine Packaging Positioning 7. INBOUND MARKETING People - focuses on different tactics to draw TRADITIONAL MARKETING SEEKS consumers in and convince them to - pull customers to a product, whatever the cost buy goods - use more subtle and approachable mediums so as to capture their target audience  8. GREEN MARKETING - selling products or services by first promoting its benefit that is environmentally friendly THE MARKETING PROCESS Creating and capturing customer value ❖ STEP 1 Understand the marketplace and customer needs and wants. ❖ STEP 2 Design a customer value driven marketing strategy. ❖ STEP 3 Construct an integrated marketing program that delivers superior value. ❖ STEP 4 Engage customers, build profitable relationships, and create customer delight. ❖ STEP 5 Capture value from customers to create profits and customer equity BUILDING CUSTOMER VALUE CHARACTERISTICS OF GOOD CUSTOMER SERVICE >Customer Value-refers to the satisfaction derived from 1. Promptness - on-time delivery / no what a customer may cancellations experience or expect to 2. Politeness - Good manners while experience by choosing a interacting with the customers. ‘’good afternoon sir’’ particular action relative to 3. Professionalism - treat your customers professionally. the cost of that action. Show the customer the are cared for. 4. Personalization – Customers like the idea of that >LEVELS OF CUSTOMER VALUE whom they do business with knows them on a personal 1. Basic and expected level level. -- This level includes the basic requirements os > customer service in the philippines conducting a business. -- E-mail and SMS 2. Desired customer value -- Social networking -- This involves what the customers want from the the -- live chat support purchase or service experience. 3. Unanticipated customer value STRATIGIC PLANNING VS TACTICAL SUPPORT -- Unexpected purchase or service experience that may go beyond the customer desire. >STRATIGIC PLANNING - refers to your project and the thing that you want to achieve TYPES OF CUSTOMER (goal). 1. Strangers- are customer whose needs do not fit the >TACTICAL SUPPORT - things that you will do to company’s offerings. achieve your strategic planning. 2. Butterflies- not loyal to to a specific brand and keeps on looking at the best deals wich leads to patronizing other brands. ‘’mga nanay’’ MARKETING ENVIRONMENT 3. True friends- they make repeat purchases and patronize the brand so long as it satisfies their needs. Marketing environment- Is the sum of all the INTERNAL ‘’suki’’ and EXTERNAL forces that affect the way firm operates, 4. Freeloaders- are loyal but nit profitable because of particularly to build and maintain relationships with its the limited fit between their needs the company’s target customer. offerings. MICROENVIRONMENT Refers to all the internal factors. Which RELATIONSHIP DEVELOPMENT STRATEGIES have direct contact and influence on the 1. Communicate with customers company frequently & effectively. 2. Offer customer rewards. 1. Company or Organization- consist of the 3. Conduct special events & provide owners, investors, and employees. Sponsorship. 2. Suppliers- Provide the sources that the 4. Enhance customer service. organization needs to produce goods and 5. Utilize languages to reach wider services. customer base. 3. Customer- Lifeblood of the business. Customer service- is the act of taking care of the TYPES OF CUSTOMERS customer's needs by providing and delivering 1. Consumer market- INDIVIDUAL AND professional, helpful, high-quality service and assistance HOUSEHOLDS THAT BUYS A PRODUCTS FOR before, during, and after the customer's requirements PERSONAL USE. are met. 2. BUSINESS MARKET- BUY A MATERIAL FOR PRODUCTION USE. 3. Reseller market- buys a products for gender, religion, education, civil status, reselling at a profit georgraphic location lifestyle and race. 4. Goverment market- government agencies that buy product to provide 2. ECONOMICS refers to the influence of public services. the purchasing power of the peso on 5. Global market- customers from other spending. countries. 3.SOCIOCULTURAL refers to the beliefs, INTERMIDIARIES practices, norms, customs, and traditions --are the entities that assist in the that may affect business. distribution nad selling of goods to customer. 4. TECHNOLOGICAL refers to development in technology which TYPES OF MARKETING mayaffect consumers, businesses and INTERMEDIARIES society at large. 1. Wholesaler- entities that buy goods 5. POLITICAL refers to groups of people fromm manufacturers or producers and which may influence the stabilityof resell them to retailers and other country and affect the production, organization. promotion and selling of goods and 2. Distributors- enteties selected by services. manufacturers to buy goods for resale to retailers 6.ECOLOGICAL refers to groups of 3. Retailers-carry a wide range of goods people which may influence the stability which are bought from wholesalers or of a country and affect the production, distributors and then sold directly to promotion and selling of goods and consumers. servies. 4. agents and brokers- sell products for certain commission or percentage of sale. They are authorized by their companies to act and decide on their behalf. 5. Competitors- are rival firms that offer similar goods or services as the organization, they are either direct or indirect. TYPES OF CUSTOMERS a. DIRECT brands competing in the same industry, offering the same goods or services. b. INDIRECT offers goods and services that differ slightly but with same benefits MACROENVIRONMENT 1. DEMOGRAPHICS refers to characteristics of population such as age,