Study Guides (248,643)
Canada (121,651)
Commerce (719)
Midterm

Marketing - Midterm Review.docx

4 Pages
363 Views

Department
Commerce
Course Code
COMMERCE 2MA3
Professor
Ambika Badh

This preview shows page 1. Sign up to view the full 4 pages of the document.
Description
Review Session – Midterm 1 October 18 (Friday): 5:30 CNH 104 Pattern  Multiple choice  35 question  Each question – 4 options  All chapters are equally weighted Chapter 1  Creating value and utility  Types of utility o Time o Place o Form o Ownership  Globalization impacting marketing o Three categories: trade agreements, interdependence of economies, technologies (internet) o Reasons why globalization has impacted marketing  Four Eras of Marketing (transitions and years) o Production (before 1920) o Sales (before 1950) o Marketing (1950-1990) o Relationship (after 1990) o Reasons each era existed and why did shift o Shift from production to sales was because customers became more powerful  Needs, wants and marketing myopia o Needs: necessities o Wants: marketer convert needs into wants o Marketing myopia: concentrating on products not consumers (can harm profits and future growth) o Myopic means short-sightedness  Non traditional marketing – examples o Person marketing o Event marketing o Place marketing o Organizational marketing  Relationship marketing o Having strong relationships with consumers (ex. customer service, social responsibility) o Have to collect all information about customers o Know what they like and don’t like  Advocates vs. new customers o Advocates: person who becomes loyal to product and start to tell others about it o New customers: person who is buying product for first time  Social and buzz marketing o Social marketing: using social media to market product (FB, Twitter) o Buzz marketing: word of mouth  Ethics and social responsibility o Difference between ethics, social responsibility and legal obligations Chapter 2  Strategic and tactical planning o Strategic: higher management makes plans for long-term objective o Tactical: middle-managers make more short-term goals  Porters 5 force model o Threat of new entrants o Barriers to competitors/suppliers o Substitute products o Competitors o (Internet is added on later – can be positive and negative)  SWOT analysis (vulnerability, constraints, leverage, problems) o Strengths, weaknesses, opportunities, threats o Leverage: strengths allow you to take opportunities o Problems: when threats impact weaknesses o Constraints: when weaknesses stop from taking opportunities o Vulnerability: when threats impact strengths  Strategic window  First mover and second mover strategy o First mover is more risky but more profitable  Marketing strategy – target market, marketing mix (4P)  Rule of three: three companies usually dominate 70-90% of market share  BCG analysis – stars, question marks, cash cows, dogs o Stars: companies with high market share in growing industries o Question marks: low market share in growing industries o Cash cows: industry growth rate is low but market share is high o Dogs: market share and industry growth rate is low  Market penetration: same product and same market but trying to improve sales through different marketing strategies  Market development: same market but introduce a new product  Product development: new market but same product  Diversification: new product in a new market Chapter 3  Environmental scanning – examples o Reading newspapers to see what is
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit