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Lecture Review Notes

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MKT 100
Ida Berger

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(decline towards introduction of new product) Lecture 2/Module 2 - businesses with no new buyers, low employee morale, outdated equipments, no new products, ineffective advertising, smaller orders from existing buyers are caused by: o no new products which leads to... N ineffective advertising, low employee morale, smaller existing orders, no new orders, outdated equipment - [Z o Company N Products N Image N Experience N Culture N Goals *what does business do?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 N distributors N suppliers N 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? o Competitors N market size, growth, trends N segments and benefits sought N decision process N frequency N quantity N 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 N Actual or potential N Direct or indirect N Products N Positioning N 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 N government policies, structures, regulations N political trends N tax issues N current domestic/future legislation, employment law N environmental regulations N consumer protection N industry specific regulations N competitive regulations N shareholder/stakeholder, needs/demands o Economic N domestic/global economic trends N taxation issues N market and trade cycles N market distribution trends N disposable income N job growth/unemployment N inflation N consumer confidence index N internal finance/cash flow o Socio-cultural N consumer values, attitudes and opinions N media views N laws affecting social factors N brand, company, technology image N consumer buying patterns N demographics N lifestyle changes N population shifts N education N trends/fads N living standards o Technological N competing tech development N research funding N associated/dependent tech N replacement tech/solutions N maturity of tech N manu maturity and capacity N info and communications N consumer buying mechanisms/tech N tech legislation N tech access/lisencing/patents N intellectual property issues N rate of obsolescence N software innovation and changes - SWOT o Strengths J internal N process competitive adv. N strong partners N strong brand rep N resources, patents, assets, people N experience, knowledge N deep pockets N excellent distribution reach N processes, systems, IT, communication N team based culture (open to change) N company politics and values o Weaknesses J internal N process competitive disadv. N weak partners N weak bran rep N no resources, patents, assets, people N inexperience, lack knowledge N processes systems, IT, communications N bureaucratic cultural, attitudinal (resists change) N company politics and values o Opportunities J external N industry or lifestyle trends
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