MGTA02H3 Lecture Notes - Lecture 5: Promotional Mix, Marketing Mix, Boxing Day
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MGTA02H3 Full Course Notes
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Midterm test: lec 1: feb 24, 10am-11am, chapter 1-6, week 1-5. Review: marketing: efforts to satisfy the needs and wants of the target market (people) Review: the 1st "p" product: function, benefits, benefits, features, value package: what consumer is hoping or expecting to get when buying a product. Review: the 2nd "p" price: no formula for setting price, pricing involves judgement and choice, because a business has two objectives: Review: price and costs: in order to set a product"s price: Managers must understand the business" costs: vc = cost to produce the product, fc = cost to run the organization, oc = benefits of the best alternative sacrificed. Review: mark-up: what business adds to variable costs (vc) to arrive at its price. "mark-up: costs to make a pizza = . 00, + mark-up = + 3. 00, selling price = 8. 00. Review: cost + mark-up = price: from each pizza sold for 8, or 37. 5% goes toward making a profit.
