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Final

MKT100 Exam Notes

10 Pages
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Department
Marketing
Course Code
MKT 100
Professor
Paul Finlayson

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MKT100 Exam Notes: Class 1: -Schumpeter Wealth Creation Principle: -The value that technological innovation (large or small) adds in use -Named after Joseph Schumpeter who called it “creative destruction” -The Smith Wealth Creation Principle: -Two individuals, X and Y meet. X has 10 Units of A in his possession and ownership and Y has 10 units of B in his possession and ownership. They discuss whether they would like to barter two units of A for two units of B. -X agrees because he values two of B much more than two of his 10 units of A. Y agrees because he values two of A much more than two of his 10 units of B. They make the exchange. -The Wealth Creation Feedback Effect -A virtuous economic cycle/circle that drives economic growth, prosperity, and capital creation -Innovation Exchanges -Trade & trading empires grew from the production of agricultural surpluses -Surplus was traded, led to the diffusion of innovations -6,000BC: cultivation of rice invented in China -Rice farming expands across South East Asia -Goats, sheep, cows, pigs and water-buffalo = domesticated -3,000BC: first great trading civilizations created along rivers -Moving cargo along rivers = 1/20 cost of using camels or carts -Trading boats -> Mediterranean & South China Seas -Rome trading centre -> Carthage -Europe dominated trading with Roman roads -China dominates Asia -Overland trade begins between super powers, cities evolve -Dark ages: raiding dominates trading -Civilizations decline -> climate change, warrior tribes’ destruction -Islamic “Enlightenment” restores trade in Europe & with Asia -Mongols create Eurasian trading empire -Merchant adventurers emerge -> Venice, Italy, Portugal, Spain, Holland & England -New sailing ships -> trade slaves, spices, plants, precious metals, & crafts -Baltic states, Russia, North America develop -Steamship, container ship & air-cargo took over trade -USA, China, Japan, Germany -> dominated -Supply & Demand: -Markets should always be getting more efficient -Markets are about disequilibrium, not equilibrium -About change, growth, transformation, decline and fall, not stability -Supply changes as product, production and trading processes evolve -New tech creates new product life cycle -Videos -> DVDs -> BluRay -New innovation: variance in supply increases, demand may not change much -Depends on if you change their preferences/demands -When demand greatly increases, supply must greatly increase too -“Imitators” enter the market -Diffusion occurs through greatly expanded distribution reach -Ads make competitive comparisons -Profits are greatest, good times for suppliers -At product maturity: -Little product design improvement, supply doesn’t change much -Market shares stabilize around brand loyalty -Supply & Demand rate of change decreases -Price competition increases: suppliers innovate on production process cost reduction -New product, New Life-Cycle -Typewriter -> Electric Type-writer -> Word-processor -> PC -Trade depends on perception of value in products/services of grading partner -New innovation: -Customer preferences change, standards of quality change, demand changes -Suppliers rush to serve demand -Imbalances with supply & demand created, increase competition w/old & new market Class 2: -Situation/Environmental Analysis: -PEST -Political -Economic -Socio-Cultural -Technical -Political: -Government related businesses (suppliers), defense, services, lobbyists, and laws -Snow tires, car seats, safety regulation, overall government control over industry, green legislations -Wars, taxes, HST -Economic: -Tax rates, HST, recession, boom, bust (& fears & hopes that surround them) -Spending patterns (75% of economy consumer driven) -Affects? Entertainment, great depression, changed patterns for years -Socio-Cultural: -Demographics, education, family, urbanization, busy-ness, religious, norms and values, drug use, pluralism, diversity, intellectual property values, attitude towards wealth, mash up (IP), risk, financial decisions -Religion (voodoo, fatalism) -Privacy concerns, individualistic vs. collectivist, stronger role of social norms -Green, health/diabetes, obesity, more heterogeneity, less tolerance for racism, more sexual openness, reduced civic engagement, more structured play -Fashion, accepted mode of dress -Norms in social interaction, eye contact -Technical: -Processing power, Internet, wireless, smart phones, digital media, PVR, media fragmentation, transportation, communications -Changes expectations and environmental factors affected -Competitive analysis: -Helps achieve competitive advantage -Blue Ocean strategy (Cirque De Soleil) -Made unique with own tents, reduced thrill and danger, introduced dramatic themes, artistic music/dance, more upscale/refined environment -Need to match service/product to the ideal position -Analyzing customers -> Market size, growth, trends: -Segments & benefits sought: Frequency & Quantity -Decision process: Motivation -Analyzing competitors: -Any substitutes? Emerging businesses with impact? Their strengths & weaknesses? What do customers think of them? -Actual or potential (Who are the main competitors?) -Direct or indirect -Products -Positioning (How are they seen by other consumers compared to others?) -Market share & position (Market leader, challenger, niche player, etc?) -Core concepts: -Define each element of the S.W.O.T. analysis in a general context -Explain each element of the environmental scan and provide examples -Discuss the importance of market laws and regulations -Different types of competition, give examples and why we care -Discuss the leading indicators to future sales, profits, and competitiveness -Refers to brand mind share, brand voice share, R&D share -Generally advertising measures done after a campaign -Leading indicator -> something that chronologically gives an early indication of something to come -Describe and state their importance in making informed marketing decisions: -Brand mind share -Brand voice share -Why R&D is important for company growth -What P does it firstly relate to? -What causes the biggest changes to channels of distribution and how this affects channel operations as a whole? Class 3: žhttp://www.5min.com/Video/How-to-create-a-SWOT-analysis-for-a- market-segment-112071884 žhttp://freevideolectures.com/Course/2749/Marketing-Management/13 -SWOT Analysis: -Should be on a segmen
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