MKT 100 Lecture Notes - Lecture 1: Competitive Advantage, Herfindahl Index, Air Canada

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Katie Lebel

Document Summary

The marketing mix and strategy (4 ps: product. Product/ service, brand, size, quality, features, packaging, warranty. Creating value by designing goods and services that meet wants and needs of consumer. Decisions related to size, quality, features, packaging, warranty for tangible and intangibles. Adding new products and services with product development process. Assessing which product should be developed, enhanced, continued, or stopped. Development in maintenance of customer service processes and procedures. Physical aspect example: oreos; customers associate brand with cookies, but it brands themselves as a treat and decadent company: price. List price, discounts, allowances, costs, payment period, credit terms. Transactions related to choosing correct pricing strategy for consumers: high, low, skimming, penetration, meeting competition. Prices are determined based on nature of customer, nature of market, quality of competition, and company goals (cost covering & making profit) Communicates value to customers: decide whether product is worth price, higher prices can communicate quality to customers.