MKT 100 Study Guide - Midterm Guide: North American Free Trade Agreement
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MARKETING 100 – MIDTERM GENERAL CONCEPT REVIEW
Macro-Environmental Factors (CDSTEP) : all factors that can influence an organization,
but are outside of their control.
•“The shared meanings, beliefs, morals, values and customs of a group of people”
•Country Culture vs. Regional culture
•Provides an easily understood snapshot of the typical consumer in a specific target
•“Characteristics of human populations and segments especially those used to
identify consumer markets, such as age, gender, income, race, ethnicity, and
•Generational Cohort: Group of people of the same generation
oEx: Y Gen/Tweens/Seniors/Baby boomers/ X Gen
•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 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 forms of communications
oNew retail channels
•“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
•“Comprises political parties, government organizations, and legislation and laws
that promote or inhibit trade and marketing activities”
oConsumer packaging and labelling act
oFood and drugs act
oNAFTA (patent ActNorth American free trade agreement)
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
3. Identifying and Evaluating Opportunities using STP (Segmentation, targeting,
•Which of the following refers to a group that responds similarly to a firm’s
Correct answer: A) Segment
Sustainable Competitive advantage: Something the firm can consistently do better than
Set Marketing Objectives and Develop Marketing Mix (essentially the 4p’s)
•Product & service strategy
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
Micro-Environmental Factors: forces that are part of an organizations marketing process,
but remain external to the organization.
•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
•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
•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