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MKT 100 Study Guide - Customer Service, Creative Destruction, Marketing Mix

14 pages77 viewsWinter 2011

Department
Marketing
Course Code
MKT 100
Professor
Ida Berger

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Marketing Review
Pre Midterm
Lecture 1 What is Marketing/Module 1
- marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large
- the Marketing Mix (4Ps- Price, Promotion, Product, Place)
- value is created through innovation and exchange
- Smithian Wealth Creation Principle through exchange/trading
- Schumpertian growth is through creative destruction
- diffusion of innovation
o great/rapid innovations most important in meeting needs, invention,
development, branding, advertising, pricing, distribution and after sales
servicing of ANTIBIOTICS is world renowned
- wealth is created through exchange and innovation, however with no innovation and exchange
there is no wealth or welfare
- product life cycle = introduction, growth, maturity (decline towards introduction of new
product)
Lecture 2/Module 2
- businesses with no new buyers, low employee morale, outdated equipments, no new products,
ineffective advertising, smaller orders from existing buyers are caused by:
o no new products which leads to...
x ineffective advertising, low employee morale, smaller existing
orders, no new orders, outdated equipment
- ñ[
o Company
x Products
x Image
x Experience
x Culture
x Goals
*what does business do? what is it selling? what unique
position does it have? how do customers, competitors and the
market place view company? Strengths and weakness? where
does it want to go?
o Customers
o Collaborators
x distributors
x suppliers
x alliances
*who does distribution, who is the company working with, who
helps process payments, handles inventory, how can
relationships with collaborators grow, are there any other
companies with whom they should have a relationship?
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o Competitors
x market size, growth, trends
x segments and benefits sought
x decision process
x frequency
x quantity
x motivation
*what benefits are consumers looking for, what motivates them
to purchase, where do they buy the product, how is it
purchased, what is the quantity and frequency of purchase,
what is the future of the product/service
o Climate
x Actual or potential
x Direct or indirect
x Products
x Positioning
x Market share
*who are the main competitors, are there any substitutes for
products/service, emerging business that may harm the
company, what do customers think of other companies, what
is their market share and position?
Lecture 3 Environmental Scanning/Module 2
- PEST
o Political
x government policies, structures, regulations
x political trends
x tax issues
x current domestic/future legislation, employment law
x environmental regulations
x consumer protection
x industry specific regulations
x competitive regulations
x shareholder/stakeholder, needs/demands
o Economic
x domestic/global economic trends
x taxation issues
x market and trade cycles
x market distribution trends
x disposable income
x job growth/unemployment
x inflation
x consumer confidence index
x internal finance/cash flow
o Socio-cultural
x consumer values, attitudes and opinions
x media views
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x laws affecting social factors
x brand, company, technology image
x consumer buying patterns
x demographics
x lifestyle changes
x population shifts
x education
x trends/fads
x living standards
o Technological
x competing tech development
x research funding
x associated/dependent tech
x replacement tech/solutions
x maturity of tech
x manu maturity and capacity
x info and communications
x consumer buying mechanisms/tech
x tech legislation
x tech access/lisencing/patents
x intellectual property issues
x rate of obsolescence
x software innovation and changes
- SWOT
o Strengths t internal
x process competitive adv.
x strong partners
x strong brand rep
x resources, patents, assets, people
x experience, knowledge
x deep pockets
x excellent distribution reach
x processes, systems, IT, communication
x team based culture (open to change)
x company politics and values
o Weaknesses t internal
x process competitive disadv.
x weak partners
x weak bran rep
x no resources, patents, assets, people
x inexperience, lack knowledge
x processes systems, IT, communications
x bureaucratic cultural, attitudinal (resists change)
x company politics and values
o Opportunities t external
x industry or lifestyle trends
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