MKT 100 Study Guide - Midterm Guide: North American Free Trade Agreement

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Published on 22 Feb 2014
School
Ryerson University
Department
Marketing
Course
MKT 100
Professor
MARKETING 100 – MIDTERM GENERAL CONCEPT REVIEW
MACRO ENVIRONMENT
Macro-Environmental Factors (CDSTEP) : all factors that can influence an organization,
but are outside of their control.
Culture:
“The shared meanings, beliefs, morals, values and customs of a group of people”
Country Culture vs. Regional culture
Demographics:
Provides an easily understood snapshot of the typical consumer in a specific target
market
“Characteristics of human populations and segments especially those used to
identify consumer markets, such as age, gender, income, race, ethnicity, and
education”
Generational Cohort: Group of people of the same generation
oEx: Y Gen/Tweens/Seniors/Baby boomers/ X Gen
Social Trends:
Social trends shape consumer values in North America, and around the world
Social trends tend to change over time in their popularity and importance
oEx: Green Consumer
Technological Advances:
“Technological changes that have contributed to the improvement of the value of
both products and services in the past few decades”
Technology has impacted every aspect of marketing:
oNew products
oNew forms of communications
oNew retail channels
Economic Situation:
“Economic changes that affect the way consumers buy merchandise and spend
money; see inflation, foreign currency fluctuations, interest rates, and recession”
Foreign Currency Fluctuations: Changes in the value of a country’s currency
relative to the currency of another country; can influence consumer spending
Combined with inflation and interest rates affect a firms ability to market goods
and services
Political/Regulatory Environment:
“Comprises political parties, government organizations, and legislation and laws
that promote or inhibit trade and marketing activities”
oCompetition act
oConsumer packaging and labelling act
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oFood and drugs act
oNAFTA (patent ActNorth American free trade agreement)
STRATEGIES
1. Defining the Mission and/ or vision
Broad description of a firms objectives and purpose.
Ex: Heart and Stoke Found.
Volunteer-based health charity, leads in eliminating heart disease and stroke and
reducing their impact through the advancement of research and tis application, the
promotion of healthy living and advocacy.
2. Situation Analysis
Assesses both the internal environment with regard to its strengths,
weaknesses, and the external environment in terms of its opportunities and
threats.
3. Identifying and Evaluating Opportunities using STP (Segmentation, targeting,
Positioning)
Which of the following refers to a group that responds similarly to a firm’s
marketing efforts?
Correct answer: A) Segment
Sustainable Competitive advantage: Something the firm can consistently do better than
its competitors
Set Marketing Objectives and Develop Marketing Mix (essentially the 4ps)
Product & service strategy
Place strategy
Price strategy
Promotion strategy
Pricing Strategies
Cost-based Pricing
Competitor-based Pricing
Value-Based Pricing
4. Implement Marketing Mix and Allocate Resources
In the fourth step of the planning process, marketers implement the marketing mix
– product, price, promotion, and place.
5. Evaluate Performance and Make Adjustments
In the 5th step metrics are used to explain why things happened and to project the
future. The firm is then able to understand why it achieved or didn’t achieve a
particular task.
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MICRO ENVIRONMENT
Micro-Environmental Factors: forces that are part of an organizations marketing process,
but remain external to the organization.
Company Capabilities
Core Competencies (Primary Strengths): In every company, their marketing
strategies must be coherent with its core competencies, being what it does best.
Existing knowledge, facilities, patents, etc.
New markets, new products, etc: the first 2 factors work together to be applied to
new products/markets to finally create successful leveraging for said company
Competitors
Identify and analyze direct and indirect competitors
Know strengths & weaknesses
Competitive Intelligence (CI) is used to collect and synthesize information about
a company’s position with respect to their rivals, it enables companies to
anticipate changes in the market place rather than merely react to them
Corporate Partners
Firms are part of alliances
Align with competitors, suppliers, etc.
Just in Time Delivery Systems (JIT)
oEx: Many people attribute Wal-Mart’s huge success because of its close
relationships with its suppliers
SWOT ANALYSIS
COMPETITIVE ADVANTAGE
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