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MKT 100 Study Guide - Blue Ocean Strategy, Creative Destruction, Swot Analysis

4 Pages
147 Views
Winter 2011

Department
Marketing
Course Code
MKT 100
Professor
Paul Finlayson

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Marketing: delivering value to customers and shareholders through improvement of
product development, distribution, selling, advertising and customer service
processes
About being driven to do better, thinking quickly, doing things quickly,
out-thinking and out-hustling competition
Marketings two drivers of wealth and welfare creation
1. Schumpeterian growth: wealth creation principle, technological innovation
adds in use
Creative destruction: marketing of creation new innovation destroys
markets of old innovations
2. Smithian growth: wealth creation principle, trading exchanges create added-
value and wealth
Markets are always changing; disequilibrium
Supply is constantly changing as products are changing (innovating)
Product innovation life-cycle
Introduction: starts off with high supply, low demand
Growth: when product takes off, demand increases and imitators enter
market; profits are greatest
Maturity: little product design improvement and no change in supply;
price competition increases
Transformational new product: product design that comes along that
kicks off new product innovation life-cycle (i.e. development of TV)
New product adoption: innovators, early adopters, early majority, late
majority, laggards
Marketing process situational analysis
1. Situational analysis: identify key problems and opportunities
2. Marketing strategy: determine the value proposition
3. Marketing mix (the Ps): determine how to deliver value
SWOT analysis
SW = internal (controllable); OT = external (uncontrollable)
Trend analysis to get ahead
Blue ocean strategy = no competition; red ocean strategy = competition
Variable cost
Directly increases in proportion to level of sales
Cost of goods sold
Fixed cost
Same regardless of sales
Operating overhead expenses or recurring costs
One time fixed cost (capital cost)
Fees associated with initial setup of plant or project which will be
recurring operational or running costs
Independent of level of output
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Description
Marketing: delivering value to customers and shareholders through improvement of product development, distribution, selling, advertising and customer service processes About being driven to do better, thinking quickly, doing things quickly, out-thinking and out-hustling competition Marketings two drivers of wealth and welfare creation 1. Schumpeterian growth: wealth creation principle, technological innovation adds in use Creative destruction: marketing of creation new innovation destroys markets of old innovations 2. Smithian growth: wealth creation principle, trading exchanges create added- value and wealth Markets are always changing; disequilibrium Supply is constantly changing as products are changing (innovating) Product innovation life-cycle Introduction: starts off with high supply, low demand Growth: when product takes off, demand increases and imitators enter market; profits are greatest Maturity: little product design improvement and no change in supply; price competition increases Transformational new product: product design that comes along that kicks off new product innovation life-cycle (i.e. development of TV) New product adoption: innovators, early adopters, early majority, late majority, laggards Marketing process situational analysis 1. Situational analysis: identify key problems and opportunities 2. Marketing strategy: determine the value proposition 3. Marketing mix (the Ps): determine how to deliver value SWOT analysis SW = internal (controllable); OT = external (uncontrollable) Trend analysis to get ahead Blue ocean strategy = no competition; red ocean strategy = competition Variable cost Directly increases in proportion to level of sales Cost of goods sold Fixed cost Same regardless of sales Operating overhead expenses or recurring costs One time fixed cost (capital cost) Fees associated with initial setup of plant or project which will be recurring operational or running costs Independent of level of output www.notesolution.com
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