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Lecture 2

MKT 702 Week 2 Notes.docx

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Ryerson University
MKT 700
Jacqui Gingras

MKT 702 Week #2: • Being a student of marketing is looking at something and understanding what it means and why it is being done. • Notes from case: o Marketing as much as anything is a way of looking at things and looking for opportunities. o Product quality, products shipped partly assembled, save freight costs, reduce manufacturing costs, farmer attached wheels and made setting adjustments, excellent instructions included, all parts numbered and color coded, arrows for adjustments, performance depended on how well reaper was assembled, set and maintained. o 1) How did providing clear instructions provide a competitive advantage? Helps to maintain quality assurance (better instructions = better user training, better performance = higher satisfaction, more goodwill = more WOM and all in all better sales) o 2) Why would standardized parts be a competitive advantage? Allows for cannibalization if brand loyal, reduces inventory at dealer, and reduces manufacturing costs. Economies of scale!!! o 3) Why was a railroad a competitive advantage? Railroad that carried cattle went back empty. Therefore, the use of the now low cost empty cart helped ship reapers out West. o Used low cost penetration pricing. He offered terms so that it would reduce the uncertainty in farmers that the product was not good. o Continuous improvement of his products and quality, understood where the market really was, understood what the market needs were, understood how to utilize the available publicity that would help his business flourish. Multi level distribution channel. 1. He understood that manufacturing and marketing effort was as important as product invention, even more important. He did buy out other patented feature improvements but he and no-one else could buy the manufacturing and marketing operation he created. 2. He early on recognized that the huge market for the reape
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