Principles of Marketing - Nagpayong Notes (1st Semester, Quarter 1)

A comprehensive set of flashcards covering key marketing concepts from the Nagpayong notes.

What is Marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, and society at large.

Philip Kotler; Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.

Who is considered the Father of Modern Marketing and what is his definition?

Individuals and groups obtain what they need and want through exchanging products of value.

What is a social and managerial process in marketing?

What is the marketing definition that emphasizes relating creatively, productively, and profitably to the marketplace?

The process of relating creatively, productively, and profitably to the marketplace.

What is the art of creating and satisfying customers at a profit?

Marketing is the art of creating and satisfying customers at a profit.

Getting the right goods and services to the right people at the right place, time, price, and with the right communication/promotion describes what?

A comprehensive marketing objective.

What does Specific mean in SMART goals?

Specific: Clearly defined and understood by the team.

What does Measurable mean in SMART goals?

Measurable: Progress and success can be quantified.

What does Achievable mean in SMART goals?

Achievable: Realistic and attainable goals.

What does Relevant mean in SMART goals?

Relevant: Must align with the company’s objectives.

What does Time-bound mean in SMART goals?

Time-bound: Has a clear deadline to avoid delays.

What are the four elements of the Marketing Process?

Strategic Marketing Analysis; Marketing Strategy Formulation; Marketing Mix Decisions; Implementation & Control.

What is Strategic Marketing Analysis?

Research and environmental scanning.

What is Marketing Strategy Formulation?

Setting objectives and positioning.

What are the Marketing Mix Decisions (4 Ps)?

Product, Price, Place, Promotion.

What is Implementation & Control?

Execution, monitoring, and evaluation.

What is the difference between Traditional and Contemporary Marketing?

Traditional Marketing focuses on selling products already produced; Contemporary Marketing focuses on customer satisfaction by producing goods/services based on customer needs and wants.

What are Needs in Marketing?

Basic human requirements (food, water, shelter, clothing, education, healthcare).

What are Wants?

Specific manifestations of needs; influenced by culture and personality.

What are Demands?

Wants backed by purchasing power.

What is the first marketing practice in customer relationships?

Meeting & Getting Familiar — Building trust with customers.

What is the second marketing practice in customer relationships?

Delivering a satisfying experience — Meeting or exceeding expectations.

What is the third marketing practice in customer relationships?

Maintaining a stable relationship — Customer retention & loyalty.

What is the goal of For-Profit Corporations?

Maximize profits for owners/shareholders.

What is the goal of Non-Profit Organizations?

Serve humanitarian or social causes.

What does CRM stand for and what is its purpose?

Customer Relationship Management: Principles, practices, and guidelines for managing customer interactions.

What does CLV/LTV stand for and mean?

Customer Lifetime Value: the profit a company expects to earn throughout its entire relationship with an average customer.

What is Marketing Strategy?

The business's overall game plan to reach potential customers and turn them into actual buyers. Lifespan is longer-lasting than individual marketing plans.

What is Strategic Marketing vs Tactical Marketing?

Strategic Marketing is long-term planning to gain competitive advantage; Tactical Marketing is short-term planning aligned with current operations.

What are SWOT and PESTLE analyses?

SWOT: Strengths, Weaknesses, Opportunities, Threats. PESTLE: Political, Economic, Social, Technological, Environmental, Legal.

What is the Marketing Environment Micro vs Macro?

Micro environment includes customers, suppliers, and competitors; Macro environment includes external forces like economy, politics, technology, culture.

What is Demography in marketing?

Population study (age, gender, ethnicity, occupation, location).

What is included in the Economic Environment?

Income levels, economic policies, spending habits.

What is included in the Natural Environment?

Availability of natural resources.

What are Technological Forces in marketing?

New innovations and rapid product developments.

What is the Political Environment?

Government laws, policies, and regulations.

What is Marketing Analysis?

Study of buyer behavior, purchase patterns, loyalty, and market forecasting.

What is Marketing Research?

Systematic gathering and evaluation of market/consumer data.

What are the steps in the Marketing Research Process?

Identify the research problem; Decide on research design; Select method for collecting primary data; Design the study; Collect data; Evaluate & interpret data.

What is the Consumer Market?

Individuals/households buying for personal consumption.

What is the Business Market?

Companies buying for production or resale.

Who are Producers/Industries in the business market?

Buy inputs to manufacture goods/services.

Who are Resellers in the business market?

Buy goods/services to resell for profit.

Who is Government in the business market?

Agencies buying goods/services to provide public service.

What is the Initiator in Buying Roles?

Suggests the idea of purchasing.

What is the Influencer in Buying Roles?

Persuades others about the need to purchase.

What is the Decider in Buying Roles?

Makes the final purchase decision.

What is the Buyer in Buying Roles?

Executes the actual purchase.

What is the User in Buying Roles?

Uses the product/service; may or may not be involved in the buying decision.