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Course Review


Department
Marketing
Course Code
MKT 100
Professor
Marla Spergel

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1. SWOT & PEST+C
SWOT – Determines the distinctive competencies of a company
Strength (Internal)
Weakness (Internal)
Opportunity (External)
Threat (External)
PEST+C
Political
Economical
Socio-cultural
Technological
Competition
2. Imperatives
Categorical Imperative – Helps us know which actions are required, and which are forbidden (I
must do “x.) [Moral] (Would it be right if everyone did it?)
Hypothetical Imperatives (Conditional) – If I want “x” then I must do “y. [Immoral]
3. The Utilitarian Principle
Utilitarian Principle – Maximizes the positive effects and minimizes the negative outcomes.
4. Competition
Monopoly – One large seller with no close competition and no substitutes
Oligopoly – Similar products, few sellers
Monopolistic Competition – One big company, will few smaller ones
Pure Competition – Many choices, no company has dominance
6. Product Life Cycle
1. Introduction
2. Growth
3. Maturity
4. Decline
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7. Ansoffs Matrix
Growth Matrix – Helps businesses decide their product, market growth strategy
8. Diffusion of Innovation
Innovators – Risk takers
who are willing to try a
product
Early Adopters – Purchases
made by the positive
responses of the Innovators
Early Majority – Purchasers
making decisions based on
recommendations of others
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Late Majority – Acquirers of a product after it has become common
Laggards – Will not adopt a new product until traditional alternatives are not available
9. Ethics
Moral
Immoral
Ethical
Unethical
Legal
Illegal
10. Smith Wealth Creation – An innovation/exchange can create wealth
11. Schumpeterian Growth – Creative Destruction
12. Channels of Distribution – Interdependent organizations that help make products available
to the customer
Segmentation: Geographic, Demographic, Psychographic
13. Consumer Behaviour
Buyer Decision Process:
1. Need recognition
2. Information Search – Seeking Value
3. Evaluation of Alternatives – Assessing Value
4. Purchase – Buying Value
5. Post-Purchase Evaluation – Value in consumption or use
Influences of and on Consumer Behaviour:
Perception
Beliefs
Choices
Preferences
Communication
Info Search
14. STP: Segmentation, Targeting & Positioning
1. Identify segmentations and segment
2. Develop profiles
3. Evaluate the attractiveness of each segment
4. Select the target segment(s)
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