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Lecture

chapter 8-11 as discussed in class

5 Pages
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Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

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Lecture 9-
Chapters 8 and 9 are covered
Business is organized effort. Make what people need and want.
Want profit, get it through revenue, you need sales.
Marketing concept- focus itself on satisfying customers needs.
Target market- who is customer? Particular group of people that have commonalities and
similarities.
Market segmentation will be asked on final.
Marketing mix- what you need to get right
Means 4 things we need to get right. THE FOUR PS
Product, price, promotion, place
Cardinal rule of price, know your costs. HAVE TO COVER VARIABLE COSTS.
Mark-up- take the costs of goods sold to the amount you add to operating expenses/fixed
costs.
Two types large mark-up skimming..e.g. rolex.
Add small markup, pizza costs cheap costs 5$...sell for 5.o1$ make little from every pizza
but sell lots penetration
Break- even analysis ----there will be a short answer question on it. Once you know
variable cost, than as team you decide your markup, its an arithmetic where they say if we
choose selling price x, how many units we got to sell to make profit?..if we choose ceiling
price y…in that case how many units we sell.
Promotion- customers wont buy product,
If dont know bout it, understand it, care bout it, not seen it.
Purpose is to inform target market, educate, excite, sample.
Market research says how inform you, what source, what info , whose
recommendation you trust?
www.notesolution.com
Promotional mix-
Advertising, - paid non personal communicate to inform broad audience.
Advertisements priced by # of viewers and readers. Soo segmentation important during
Olympics ski selling.
Personal selling,- sales person working directly with customer. Good for complex
products. You know what they are they just get you to buy it.
Consumer products- bought by large #s of peoplee.g. coke band aids.
Industrial products- machines… sold to fewer, like dozens of firms or hundreds.
Sales promotion- e.g. coupons, gets people to sample/try the food.
Publicity and PR- publicity- info about a business that generates news coverage..its free
man. Give away money and sponsor things to get talk and attention. Unlike the other
three point of this one, is to make you feel good about the supplier, and positive
impression of company. E.g.- cibc run for the cure. Cant control what people hear about
you, or their perception about you. E.g. Toyota got bad p.r. down 17%...because of breaks
debacle. E..g Tiger woods.
CHAPTER 9
Highlights key ideas in the chapter. Accounting and finance, break even analysis,
market segmentation, product life cycle.
p- for place- cant buy product, if cant see, sample hard to get..
place/distribution- have to make product easy to find and easy to get.
Place- the part of marketing concerned with getting products from the producer to the
buyor
2 principle issues with place
You got to find it, see it, try it and sample it EASILY/QUICKLY. E.g. pizzapizza -
30 min or free.
www.notesolution.com

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Description
Lecture 9- Chapters 8 and 9 are covered Business is organized effort. Make what people need and want. Want profit, get it through revenue, you need sales. Marketing concept- focus itself on satisfying customers needs. Target market- who is customer? Particular group of people that have commonalities and similarities. Market segmentation will be asked on final. Marketing mix- what you need to get right Means 4 things we need to get right. THE FOUR PS Product, price, promotion, place Cardinal rule of price, know your costs. HAVE TO COVER VARIABLE COSTS. Mark-up- take the costs of goods sold to the amount you add to operating expensesfixed costs. Two types large mark-up skimming..e.g. rolex. Add small markup, pizza costs cheap costs 5$...sell for 5.o1$ make little from every pizza but sell lots penetration Break- even analysis ----there will be a short answer question on it. Once you know variable cost, than as team you decide your markup, its an arithmetic where they say if we choose selling price x, how many units we got to sell to make profit?..if we choose ceiling price yin that case how many units we sell. Promotion- customers wont buy product, If dont know bout it, understand it, care bout it, not seen it. Purpose is to inform target market, educate, excite, sample. Market research says how inform you, what source, what info , whose recommendation you trust? www.notesolution.com
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