MKT 100 Study Guide - Midterm Guide: Swot Analysis, Income Statement, Creative Destruction
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MKT 100 Full Course Notes
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Fixed costs stays the same regardless of the level of sales. Variable costs changes directly in proportion to the level of sales in dollars or units sold. Variable cost = packaging, raw materials, direct labour. Fixed cost = rent, insurance, office equipment, salaries. Schumpeterian growth as we innovate they replace/destroy previous creative distruction eg) blockbuster/netflix. Smithian growth adding value -> exchange -> make economical growth. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large: the grey area. Marketing creates prosperity (1) innovation diffusion (2) wealth/welfare (3) exchange. External: pest (political/legal, economic, sociocultural, technological, competition, budget preparation. Identifying opportunities for efficiencies how to tweet the variables: determining impact of marketing campaigns , understanding price and volume trade offs, understanding profitability. Customers (1) market size, growth, trends (2) segments and benefits; decision process (3) frequency, quantity, motivation.
