ANTHROP 1AA3 Study Guide - Midterm Guide: Swot Analysis, Consumer Sovereignty, Marketing Mix

• School: McMaster University
• Department: Anthropology
• Course: ANTHROP 1AA3
• Professor: Ann Pearson

Document Summary

There are four main or generic objectives: products, price, place, and promotion. Market place: place or process whereby customers and suppliers trade and it exists where there is a demand. 3 elements: size, growth rate, and market share. Customer base: measures total potential number of customers. Barriers to entry: determine umber of suppliers and market size. Increase in the size o a market per period, usually a year. Contribution to a share of the market. Market share: (firm"s sales revenue/industries sales revenue)x: market concentration: degree of competition that exists within a market by calculating the market share of the largest firms in the industry, concentration ratio is the sum. People to take responsibility for decision making. Other aspects that must be considered for success: operation management, finance, human resources. Product orientation (inward) selling products that they can make. (innovative and high quality but have a bigger risk).