Chapter 1 MARKETING IN THE MILLENNIUM AGE Production -More products being manufactured by

a company means there would be more

Marketing - The success of all businesses centers in quantity of goods to trade and more
its ____. earning opportunity as well.
Successful marketing - A ______ is mainly what most Competition -______ always starts when certain
businesses aim for. goods and services grow to be more
Marketing -is a process through which a product or well-liked and then other companies
service is launched and promoted to begin selling the same.
possible customers. Decision - Often most companies are faced with
Marketing -is vital in any business and in one way different types of problems such as
or another all other functional areas what product to produce, how many
may be affected by it. products to manufacture, when to
create these products, how much to sell
Customer - Businesses provide the customers' the product and for whom the product
needs, wants and demands. is intended.
Companies - need to get the attention of customers Idea -The idea of marketing is so dynamic
through marketing its products and and has altered a lot through times.
services. Economy - According to Adam Smith, "nothing
Customers - would not be aware what a business happens in our country until somebody
has to offer lacking promotion. sells something".
Finance - A business becomes more financially -The _____ is made strong and stable by
successful and stable when it is able to the marketing organization.
effectively market its products and Marketing - has an extremely broad scope.
services. -It covers all the activities starting from
Finances - have an effect on the quantity and the formation of ideas to generating
quality of goods a business can produce. profits.
Human resources - No business could survive without A consumer wants and needs - Goods are created to suit consumer
human resources to work for them. wants.
Human resources - are the ones who produce the - These needs and wants prompt
products or render services to consumer to buy.
customers. Consumer behavior - Marketers do study consumer
Human resources - in a business must have marketing behavior.
knowledge to attract customers in -It is the buyer behavior analysis that
buying the goods or patronizing the assists marketer in market segmenting,
service of a company or else the targeting and positioning.
business would not grow.
Product planning and - This scope includes the activities Finance -Without _____, no marketing activity
Development of product research, market research, could be executed.
market segmentation, product -Every marketing activity such as
development, finding out the attributes, packaging, advertising, personal selling
quantity and quality of the products. and even distribution require an
Branding -Many well-known companies espoused appropriate budget to be accomplished.
to the branding of their products for After-sales services -In order to maintain good relationships
reputation, appeal to more investment with customers, marketing needs to
opportunities, build trust among perform after-sales services.
customers and for many other reasons. -may include maintenance or repair of
Packaging - Besides serving as container or wrapper equipment by its manufacturer or
to the product for protection, the supplier, during and after a warranty
packaging is also used by marketers as a period and attending to customers'
way to draw the attention of customers. queries and solve their problems
-When _____ is well-designed, the Marketing -is naturally seen as the duty of
product is easier to use and transport. creating, promoting and delivering
Channels of distribution -It is the function of the marketing goods and services to consumers and
manager and sales manager to make an businesses.
important decision concerning the best Goods -The major part of a country's
fitting channel of distribution such as production and marketing effort
wholesaling, distribution and retailing consists of physical goods.
for the product. Services -Today's economy advances, the focus is
Pricing policies -_______ for their products are planned not anymore much center of goods
and decided by the marketing manager. production but also in the production of
- Depend on the nature of products. services.
Sales management -Selling is an important component of Events - ______ are promoted by marketers.
marketing. -can be in the form of trade shows,
-Selling includes identifying customers, company anniversaries, entertainment
determining the customer needs, convincing award shows, local festivals, health
customer to purchase products, customer camps, concerts and so on.
service, and other similar activities.
Experiences -Through offering a mix of both goods
Promotion -Important elements of promotion
and services, marketers may create
consist of personal selling, sales
experiences.
promotion, and advertising.
-A product is promoted by
-In order to attain the planned
communicating features and by
marketing goals, there is a need for a
furnishing exceptional and exciting
marketing manager to create the right
experiences to customers.
promotion mix.
Persons - Recently, celebrity marketing has Demographic and geographic -is generally used to furnish the
become a business owing to the Segmentation existing needs of customers.
increase in testimonial advertising. A latent need - A need of a customer which is there
Places - Cities, states, regions, and countries but has not manifested itself because
compete to draw tourists to their such a product has not been launched.
places. Incipient need -It is a type of need which people want
Place marketers - include economic development but there is no product to satisfy that
specialists, real estate agents, need.
commercial banks, local business -could turn into a window of
associations and so on. opportunity.
Properties - ______ can be categorized as real Wants - on the other hand, are the form of
properties or financial properties. human needs influenced by culture and
- are bought and sold through individual personality.
marketing. Wants - are the choices to gratify a particular
Real property -is the ownership of real estates. need. In fact,every need can be satisfied
Financial property - relates to stocks and bonds. by using different options.
Organizations -_______ dynamically make effort to Demand - is the want for particular products that
build an image in the minds of their are supported by the ability and
target public. willingness or readiness to buy them.
Information -_______ can be created and promotes Demand management -In marketing, the quantum and timing
a product. of demand is called as_____.
-is distributed from schoois and Negative demand -Major market dislikes the
universities to the parents and children product,hence seeks to stay away from
for a certain price. it.
The idea -Each market offering consists of a basic -The product maybe helpful but the
idea. customer does not like it.
Social marketers -widely promote ideas. No Demand - Some products face the challenge of
Philip Kotlerand Keller (2012) - According to _________, “Marketing is nodemand.
the process by which companies create -Possibly customers are unaware and
value for customers and build strong uninterested in the product.
customer relationships in order to Latent Demand - ______ is a demand which the
capture value from customers in customer realizes later.
return". -while buying the product, he might not
Needs - Human _____ are states of felt want some features.
deprivation. Declining demand -Demand decreases over a period of
Existing need - Any need of the customers which is time.
short-term and is readily obtainable is -Although there is still a demand for the
known as ______. product, the demand is a declining one.
Irregular Demand -_______ is a demand which is not Cost -means the price of a product.
steady. -it is a monetary value of a product.
Full Demand - In a perfect environment, a company -The charges a customer has to pay to avail certain services
must constantly have filled demand. can be said as______.
- Means that the demand is satisfying Customer value -is the difference between the customer gains
the supply potential of the from owning and using a product and the cos of
company. obtaining the product.
Overfull Demand - _______ occur when the companies Desired value -refers to what customer wants in a product or
manufacturing capacity is inadequate service.
but the demand is above the supply. Perceived value -is the benefit that a customer believes he
Unwholesome Demand -________ is the other face of negative received from a product after it was purchased.
demand. Low level -customer value can be observed as the
- The customer should not be using features of a product that a customer perceives
the product, yet the customer to get value from.
desires the product badly. Higher level -customer value can be seen as the emotional
Marketing offers - are some mixture of products, payoff and achievement of a goal or desire.
services, information, or experiences Satisfaction -is a person's feeling of delight or displeasure as
presented to a market to gratify a need a result of comparing a product's perceived
or want. performance in relation to his or her
-include both product and service or expectations.
experience. Exchange -An _____ is at the heart of marketing.
A product -is everything that can be offered to a Exchange -An _____ is an act of acquiring a preferred
market for attention, acquisition,use or product from someone through offering
consumption that may satisfy a want or something in return.
need. -An ______ is a process, not an event.
-It can also be referred to as a bundle of Transaction - A _______ is a decision entered into or
satisfaction, physical and psychological. commitment done.
Tangible product -is a package of services or benefits Transactions -can be very simple, like buying a newspaper, or
Service -is any activity or benefit that one party extremely complex, faking a long time and
can present to another that is basically involving many companies or agencies.
intangible and does not result in the Relationship marketing - is the practice of building long-term profitable
ownership of anything. or satisfying dealings with significant parties
Experiences - are knowledge or skill which is gained such as customers, suppliers,distributors, and
from doing, seeing 'or feeling things. others to preserve their long-term
Utility -means an overall ability of a product to preference in business.
gratify need and want. Network -A ______ is the definitive conclusion of
-the power of product to satisfy a relationship marketing.
particular need.
Marketing network - A ______includes the company and its Remarketing -When the demand for product declines and
supporting stakeholders such as customers, shows a possibility of further fall the marketing
employees, suppliers, distributors, advertising task involved in such case is _______.
agencies, colleges and universities, and others Synchromarketing -When a product's current timing pattern of
whose role is regarded as necessary for the demand is marked by seasonal or volatile
success of a business. fluctuations the marketing task of _____ is
Market -A ____ comprises all possible customers necessary to bring the movement of demand
sharing a particular need or want who might be and supply into better synchronization.
eager and able to engage in exchange to gratify Full demand -exists when current level and timing of demand
this need or want. is equal to the desired level and timing of
Marketing -is social and managerial process by which demand.
individuals and groups get what they need and Maintenance marketing -The task of the marketer in such a state is
want by creating and exchanging product and ______ through preservation of efficiency in the
value with others. carrying out of day-to-day marketing activities
Marketer -A _____ is one who seeks one or more buyers and eternal vigilance in spotting new forces that
to engage in an exchange. may threaten to erode demand.
Prospect - is someone to whom the marketer spots as Overfull demand -exists when demand for a product or service
possibly agreeable and able to engage in the begins to outpace the supply substantially.
exchange. Demarketing -The task of reducing such demand is known as
Marketing management - is the study, planning, implementation and _______.
control of programs intended to form, make Counter-marketing -The task of trying to destroy such demand is
and preserve equally beneficial exchanges and called______.
relationships with target markets for the reason Counter-marketing -involves advertising techniques which try to
of reaching organizational objectives. reduce the demand for a product being used.
Conversional marketing -develops from the situation of negative demand Counter-marketing -typically uses negative messages to stop people
in which all or most of the vital segments of the from using a product.
potential market hate the product or service and Strategy -A ____is an outline of the company's roadmap
in reality, may possibly pay a price to avoid it. for the successful attainment of its goals and
Stimulational marketing -The task of performing such state into positive objectives.
demand is called_____. Ethics -is likely to center on the individual or marketing
Latent demand -When a substantial number of people share a group decision, while social responsibility takes
strong need for something that does not exist in into concern the entire consequence of
the form of an actual product or service, it is marketing practices in society.
called_______. Honesty -Be straightforward in dealings and present
value and integrity.
Developmental marketing -The process of effectively transforming latent Responsibility -Accept results of marketing practices and provide
demand into an actual demand is known the needs of customers of all types, at the same
as_______. time becoming good guardians of the environment.
Fairness - Balance buyer needs and seller interest Consumer electronics -The______, fund management, automotive
reasonably, and stay away from manipulation and pharmaceutical industries include many
in all forms while shielding the information of companies pursuing a strategy of product
the consumers. leadership.
Respect -Recognize basic human dignity of all the people Max's-Fried Chicken -The best example is _______a-dish that has
concerned through efforts to communicate, remained a favorite among Filipinos for seventy
understand and meet needs and be grateful for (70) years long that it is an institution.
contributions from others. Customer Intimacy -The _______ strategy centers on offering a
Transparency - Form a character of openness in the practice distinctive range of customer services that
of marketing through communication, helpful consents to a personalized service and
criticism, action, and discovery. customized products to meet varying customer
Citizenship - Accomplish all legal, economic, philanthropic needs.
and societal responsibilities to all stakeholders Customer intimacy -focuses on the needs of the individual customer.
and give back to the community and care for Cebu Pacific -A good example of a company that focuses on
the ecological environment. customer intimacy is______.
Market research - is the process of gathering data to find out
whether a particular product/service will fulfill Strategy -A _____is the means of the process that
the needs of customers. objectives are realized.
Marketing strategy -are regarded as an essential decision
Competitive advantage -The _____ is the essence of a company's decisions making for marketing managers.
strategy. Pricing -Is a very crucial element as it is the only
Competitive advantages - may come from any external or internal element in the marketing mix that produces
sources and are the actual differences revenue.
between competing firms. Segmentation -is the process of dividing a whole market into
Operational Excellence -An ______ strategy intends to achieve cost various customer groups.
leadership. Targeting -entails making a decision which possible
Trim down cost -At this point, the foremost focus centers on customer segments the company will
automating manufacturing processes and work concentrate on.
procedures to make more efficient operations Segmentation -always comes prior to targeting, which helps a
and______. company be more careful about who they are
Strategy of -A _________is best for markets where selling their products to.
operational excellence customers value cost- over the choice.
Product leadership -as a competitive strategy intends to make a
culture that continuously brings better-quality Customer demographics - can consist of gender, age, income, household
products to market. size, geographic area and even various ethnic
Product leaders -know that excellence in creativity, problem groups.
solving and teamwork is vital to their success. Price -is the value paid for a product or service in the
market.
Distribution channel -A ______ is a way through which goods or 5 to 20%. -Companies have a 60 to 70% chance of selling
services move from the manufacturing company to an existing customer, while the probability of
to the customer or the transfer of payment selling to a new prospect is only _____.
happens from the customer to the company. Act of-maintaining -The _______ a relationship with customers is
Location -In terms of _______, the geographic placement an essential part of a marketing strategy
of production facilities, stocking points, and decisions and should be included in every
sourcing points is the normal first step in marketing plan.
creating a supply chain. Visibility -is one aspect of marketing that won't change
Production -When it comes to______, the strategic regardless of the year.
decisions include what products to produce, and Increased focus on -Customer experience is the heart of
which plants to produce them in, allocation of customer-experience marketing for every industry.
suppliers to plants, plants to depots, and depots Engaged and effective -Talk of measuring marketing has been on
to customer markets. measuring Analytics 2.0 an endless loop lately.
Inventory decisions - refer to means by which inventories are Marketing technologists -To make the first two trends
managed. And data scientists as on the list work, executives must be
The new marketing data-driven.
Inventories -exist at every stage of the supply chain as Lieutenants
either raw material, semi-finished or finished Personalized everything - As companies work to individualize
goods. everything from Coca-Cola cans to shoes, mass
Transportation decisions - are directly connected to the inventory customization has transitioned into
decisions since the best option of a mode is personalization.
often found by trading-off the cost of using the Better video content -Content is still king, but the kind of content
particular mode of transport with the indirect that rules the web is changing.
cost of inventory associated with that mode. More social media -.Companies need to change the way that
Promotion decisions - are made to help in informing the target marketing they think about social media.
marketing of the product. Embrace the loT. - The Internet of Things has been in its infancy.
Promotion mix -is a combination of various marketing Chatbots and Al go - Providing, positive customer
techniques, oriented to acquire a common Mainstream experience and service means leveraging the
target. Power of technology.
Consideration - needs to be given to implementing the Right-time marketing - Real-time marketing with eyes out for instead
strategy. of real-time opportunities to market and score has been
Marketing controls -are used to implement marketing strategies and marketing hot the last few years.
check whether the objectives of the marketing Prepare for marketing -Many are suggesting that CMOS own-digital to
function are achieved or not. own digital transformation.
Strategic control - helps the organization to evaluate its strategies Transformation campaigns
by focusing on the outcomes of the activities What CMOS should actually own is the digital
undertaken. transformation "campaign”.
Loyal customers - are at the core of every business' success.
POSSIBLE ENUMERATION Demand Nature
MARKETING SCOPE • Negative demand
• A consumer wants and needs • No Demand
• Consumer behavior • Latent Demand
• Product planning and development • Declining demand
• Branding • Irregular Demand
• Packaging • Full Demand
• Channels of distribution • Overfull Demand
• Pricing policies • Unwholesome Demand
• Sales management A product consist of:
• Promotion • Core product (basic contents or utility)
• Finance • Product-related features (color, branding, packaging,
• After-sales services labeling, varieties, others)
TEN TYPES OF ENTITLES: • Product-related services (after-sales services, guarantee and
• Goods warranty, free home delivery, free repairing, and so on).
• Services Two aspects to customer value namely
• Events 1. Desired value
• Experiences 2. Perceived value
• Persons Six ethical values that marketers are expected to advocate,
• Places • Honesty
• Properties • Responsibility
• Organizations • Fairness
• Information • Respect people concerned through efforts to
• The idea • Transparency
Three types of needs • Citizenship
• Existing need The Discipline of Market Leaders (1995), Michael Treacy and Fred
Wiersma describe the three basic strategies for competitive advantage
• A latent need
namely:
• Incipient need
• Operational excellence
Demand should have three conditions:
• Product leadership
• The desire of getting the product or service;
• Customer intimacy
• Ability to pay for the product or service; and
• Intention to pay for the product or service
Four major decision areas in supply chain management
• Location
• Production
• Inventory
• Transportation (distribution)
And there are both strategic and operational elements in each of these
decision areas.

The following are the major features of promotion decisions:

1. Understanding of target consumer and their inclination of media

2. Familiarity with consumers' beliefs that can be associated with
the product to obtain the anticipated response
3. Planning different promotional tools, each tool for particular
target but all related to gain a common target
4. Synchronizing of advertising, sales, promotion and public relation
as a promotional strategy
5. Constant broadcasting of information concerning the product
Elements Of Promotional Mix
• Advertising
• Sales promotion
• Public relations
• Publicity
• Personal selling
• Direct marketing
• Use of social media

ACRONYMS
Metro Manila Development Authority (MMDA)
Fast Moving Consumer Goods (FMCG)
Strategic Business Units (sbus)
Low-cost carrier (LCC)
Original Pilipino Music (OPM)