MKT 100 Study Guide - Final Guide: Complementary Good, Price Skimming, Price War

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

4p"s/marketing mix (controllable set of activities that a firm uses to respond to the wants of its target market) Product goods, services, ideas (brand, size, quality, features, packaging, warranty) Price sacrifice ($, time, energy) a consumer is willing to make to get product (price, discount, costs, credit) Place activities needed to deliver value/get product from p to c when wanted (logistics, distribution, supply chain) Promotion communicating value to get people to buy (advertising, pr, sales promotions) Assess internal environment (strengths & weaknesses) with regards to external environment (opportunities & threats) Core competency = special strength that gives an organization a competitive advantage. Microenvironmental factors = controllable aspects of internal environment that affect company. Company capabilities ability to satisfy consumer"s needs efficiently/best as possible. Competition more competition offers more choices for consumers, be aware of their strategy. Competitive intelligence (ci) = collect/analyze/distribute info about company and competitors to help make strategic decisions (review reports/databases, trade shows, interview customers and former employees)