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Marketing Review

4 Pages

Course Code
MKT 100
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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