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MKT100 final review

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Ryerson University
MKT 100
Fernando Pardo

MKT 100 FINAL REVIEW The 5 “C”s Analyze the Company The 4 “P”s  Company  Collaborators  Products  Product  Goals  Price  Customers  Competitors  Image  Promotion  Climate  Experience  Place  Culture SWOT Internal  Strengths  strong partners/brand rep, experience, knowledge, research, patents  Weaknesses  weak partners, poor distribution reach, bad brand representation External  Opportunities  industry/lifestyle change, new market segment, information, innovation  Threats  competitor innovations, falling market demand, loss of key staff PEST  Political  trends, environment regulation, consumer protection  Economic  market + trade cycles, inflation, jobs, distribution trends  Socio-cultural  media views, education, brand, consumer values + attitudes  Technological  research funding, innovations, intellectual property issues Ansoff Matrix  The matrix is used to determine growth strategies Existing Products New Products Existing Markets Market Penetration Product Development New Markets Market Development Diversification Market Penetration: seeks to achieve growth w/ same existing products in their current market segment (want more mkt share) Market Development: seeks growth by targeting its existing products to new mkt segments Product Development: developing new products but targeting back towards the same mkt segment Diversification: grows by diversifying into new business by developing new products/service for an entirely new mkt segment Competitive Mkt Pure Monopoly: one seller who sets price for unique product Monopolistic competition: many sellers who compete on non-price factors Oligopoly: few sellers who are sensitive to each other’s prices Pure competition: many sellers who follow the mkt price for identical, commodity products, selling same thing at same price Week 7: Consumer Behaviour + Marketing Research Mkt research is used to answer two questions: What should we do? Did we do the write thing  Exploratory research  Descriptive research  Better understanding of consumer  What went right/wrong in meeting wants, needs, desires, motivations consumer wants, needs, desires…  May lead to another study to refine  Disaster check understanding  Guides and “tweaks” future decision  Guides future decision making making Sources of Consumer Insight 1. Primary  Qualitative  observation, focus groups (more personal but more expensive/takes longer)  Quantitative  surveys, online (no way to determine truthfulness) 2. Secondary  Proprietary, public information (statscan) 3. MIS  Marketing Information Systems  internal records of companies, tracking systems, sales Quantitative Research Advantages Disadvantages - Power in numbers - Superficial, structural - More objective - Not innovative - Generalization, forecast able - Dishonesty, reluctance could cause - Bigger picture error - Non responsive Qualitative Research Advantages Disadvantages - Deeper understanding - Very individual, smaller picture - Flexible, fluid, open, suggestive - Subjective interpretations - Accessible (in language, method + - Might mislead research data) to the manager - Able to get a better idea of feelings and meanings through personal details Research Process Method or process used to develop + analyze information pertaining to a specific questions Problem  Research Design  Data Collection  Data Analysis + Interpretation  Results Example: Problem = CD too bulky to run with, Solution = ipod Consumer Behaviour - Who consumes? - What/why do they consume? - Where/how do they consume? - What can with do with this information? Interdisciplinary Perspectives  All have impact on how/what/when/if consumers buy • Economics • Psychology (Maslow’s Hierarchy of Needs) • Sociology (class) • Anthropology (the past, practices + cultures) Model of Consumer Behaviour 1. Consumer Behaviour is reasoned + purposive, consumers enter mktplace in order to satisfy needs, wants + desires 2. Their behaviour represents a process of problem solving in stages from need recognition to feelings of satisfaction/dissatisfaction 3. Needs + processes chosen to meet them are under the influence of cultural, social, personal, psychological + economic factors Consumer Decision Process Need  Info Search  Evaluation of Alternatives  Purchase  Post-purchase Behaviour Post-purchase behaviour - How does the consumer feel after buying? - Complaints? - Return? Regret? - Suggest to others  impact branding - Habitual behaviour: Need  Purchase  Post-purchase Behaviour Week 8: STP - Segmentation: indentifying meaningfully different groups of customers - Targeting: selecting which segment(s) to service - Positioning: implementing chosen image + appeal to chosen segment Market Segment: is a group of customers who share a similar set of needs/wants within the overall mkt Market Segmentation: is a process of identifying + categorizing the overall mkt into groups of customers w/ similar wants/needs  mkt segment Target Market: is the qualified mkt segment, which the company decides to pursue BASIC PREMISE: you identify segments that already exist, you do NOT create segments When to Segment? - There is one product + multiple mkt segments - There are multiple products + multiple mkt segments - Segments of One: Mass Customization Effective Bases of Segmentation  Measurable/distinguishable  Accessible/reachable  Substantial/sizeable  Actionable/meaningful  Profitable GooDPUB Segmentation Geographic Demographic Psychographic Usage Benefits Sought - Region - Age - Activities - Rate - Attributes - Urban/rural - Gender - Interests - Awareness - Hedonic - City size - Martial status - Opinions status - Utilitarian - Climate - Income - Lifestyles - Brand loyalty - Culture - Education - Situation - - Occupation (time, - Family life objective, cycle person, - Culture location) - Religion - Race - Social class Example: Breathe-right strips  has two separate segments - Snorers (used to stop annoyance)  better nights sleep - Athletes (help b
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