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Midterm

MKTG 2P91 Midterm Study Notes.docx

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Department
Marketing
Course
MKTG 2P91
Professor
Paul Curwen
Semester
Winter

Description
MKTG 2P91 Midterm Study Notes Chapter 1 • Marketing: organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders • 4 types of utility o Form o Place o Time o Ownership • 3 reasons for embracing global marketplace: o International agreements being formed in attempts to expand trade among nations o Growth of e-commerce bringing previously isolated countries into marketplace o No nation produces all materials and finished goods its citizens need or consumes all output without exporting • 4 eras of marketing: o Production o Selling o Marketing o Relationships • Non-traditional marketing: o Person (i.e. celebrity endorsements) o Place (tourist attractions) o Cause o Event o Organization • 8 universal marketing functions: o Buying o Selling o Transporting o Storing o Standardizing & grading o Financing o Risk taking o Securing marketing information Chapter 2 • Strategic planning vs tactical planning • Planning at different levels: o Top management – strategic planning o Middle management – tactical planning o Supervisory management – operational planning • Mission: the essential purpose that differentiates the company from others • Porter’s 5 Forces model o Competition within industry o Threat of substitute products o Threat of new entrants o Bargaining power of buyers o Bargaining power of suppliers • First mover strategy o Attempt to capture greatest market share & develop long-term relationships by being the first to enter the market • Second mover strategy o Observing the innovations of first movers and improving them to gain advantage • SWOT analysis o Strengths o Weaknesses o Opportunities o Threats • Environmental Framework o Competitive o Social/cultural o Technological o Economic o Legal/political • Marketing Mix Variables (4 Ps) o Pricing o Promotion o Product o Place (distribution) • BCG Market Share o Stars o Cash Cows o Question Marks o Dogs • Ansoff’s strategic growth opportunity matrix Present Product New Product Present Market Market Penetration Product Development -Tim Hortons Roll Up -KFC Double Down New Market Market Development Diversification -McCain Foods in -Zappo cologne Africa Chapter 3 • Types of competition o Direct o Indirect • Determining a competitive strategy: o Should we compete? o If so, in what markets should we compete? o How should we compete? • Et
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