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Week 1.docx

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Ryerson University
MKT 100
Caitlin Mc Laughlin

MKT 100- Week 2 Slide 1 Cyrus McCormick Case: Product- he made sure his product was quality to maintain his reputation, and he sent them in pieces so the farmers could comprehend how to use it, had warranty for the product, and continued to innovate Price- established a good price to be competitive and he standardized his price Promotion- lost his patent knew how to invest in the right assets, showing the farmers with real life examples on how to use it, advertised with a magazine to provide useful information Place- knew where the farmers were going to benefit, located his factory in Chicago, Railroads and rivers to make sure it was accessible Slide 2 Situation Analysis: A Business Has a Problem Root causes  symptoms - Always identify the root causes to eliminate the problem - Low employee morale - Outdated equipment - No new buyers - No new products: root cause - Ineffective advertising Slide 3: Analyzing the situation- 5C Company Customers Collaborators Competitors Climate Analyzing the company Products  Image  Experience Culture (company values and beliefs) Goals Slide 4: Analyzing Collaborators Distributors > (strong relationships help you get information about the customer, complaints innovate a better product, shelf space), Suppliers (maintain a better relationship will help you get a better price, distribution, receiving it in a timely manner, better quality) > Alliances (teaming up with other companies to make a better product, example: McDonald and Wal-Mart: Scotiabank and Cineplex: Tim Horton’s and Wendy’s: Air Canada and Cineplex etc.)Slide 5: Analyzing Customers 1) Market size, growth, and trends- 2) Segments and benefits sought- makes sure you meet the needs and requirements of a consumer 3) Decision process- how they make a choice on what products they buy, research 4) Frequency- 5) Quantity- 6) Motivation- Slide 6:
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