MKT 100 Study Guide - Midterm Guide: Unique Selling Proposition, Nachos, Consumer Behaviour

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Daryl D' Souza

Document Summary

Swot - strengths (internal), weaknesses (internal), opportunity (external), threats (external) As a management, you must recommend, how to: Segmentation - identifying meaningfully different groups of customers. Positioning - implementing a unique selling proposition, image or appeal for each targeted segment. B2b: business to business (wholesaling is most common) C2c: consumer to consumer (swap meets, ebay, kijiji, yard sales) Social media in marketing - the use of digital tools make it easy to reach out to your consumers, create and share content and form social relationships and personal identities. (ex. Twitter made consumers more engaged and they responded quicker to negative feedback. ) Founding principle: listen and learn from your customers. Internet is an effective way to spread negativity, marketers must respond quickly. Value-based orientation: people (consumer needs and wants), profits (long-term profitable relationships), planet (socially and environmentally responsible). Building value - build and maintain a loyal customer base. You must create a strong brand and customer appeal.