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Ryerson University
MKT 100

Mkt100 Review Module 1: Marketing Theories Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Marketing is the business Discipline responsible for innovation And diffusion of innovation processes. Four P’s: Product, Place, Promotion, Price Marketing + Economics = Wealth Creation • Principle 1: Wealth is created by technological Innovation • Called ‘Schumpeter Principle’—Creative Destruction • Marketing incorporates innovation (R&D) toward new products • Principle 2: Trading Exchanges create wealth • Sally has 10 apples, Jon has 10 oranges • They agree that trading 2 each will make each better off—willing To trade what one has much of for what one has little of • Sally: 8 apples, 2 oranges, Jon: 8 oranges, 2 apples = both Happier, healthier, diversified, wealthier • Marketing facilitates exchange, transaction, and product Diversification Module 2: Situation Analysis Monopoly/No competition: where there is a single supplier who has control over price, quality and supply Oligopoly: market dominated by a few suppliers that require very larger investments in equipment or technology Monopolistic competition: Have many suppliers with a variety of product, each of which has a small market share Perfect competition: when many suppliers sell essentially the same product Market share: measured as a company’s percentage of total industry sales over a specific time period Internal data: records, information and reports that already exist within organizations External secondary data: data that resides outside the firm such as in trade publications, government reports and consultant reports Controllable SWOT: internal (strengths, weekness) Uncontrollable SWOT: external (opportunities, threats) Ports 5 Forces: 1. Buying power 2. Supplier power 3. Barriers to entry 4. Current competitors 5. Substitutes 4 Stages of planning: situation market analysis, swot analysis, implementation (STP+4ps), budget preparation PEST: Political, Economical, Social, technological ANSOFF’s Matrix: 1. Market penetration 2. Market development 3. Product development 4. Diversification Module 3: Ethics The social contract: values, morals, rules dictated by cultural understanding The UP Twisted: believe that survival is good for most people The Tragedy of the commons: if anyone did it, everyone could do it, and that would kill all common goods Utility Principle: ethical behavior is the behavior that produces the greatest good Categorical imperative principle: what if everyone else did it? Cultural variations: norms, values, morals vary between organizations people Legal variations: some things can be legal in India but illegal in Canada Political variations: political environment changes how business can work Marketing ethics Cause marketing: communication and alignment with the consumer causes, always in the interest of bolstering consumer advocacy and loyalty Publicized philanthropy: when companies donate, they never do with discretion or without agenda Module 4: buying behavior/marketing research Consumer Buying Decision Process: Need Recognition -> Information Search -> Evaluation of Alternatives -> Purchase Decision -> Post-Purchase Behavior Influences of Consumer behavior: Cultural Factors, Social Factors and Personal Factors. Cultural Factors-> Sub Cultures (nationalities, religion, racial groups and geographic regions) Social Factors-> Reference Groups, Family, Social Roles and Statuses Personal Factors-> Age, Life Cycle Stage, Occupation, Wealth, Personality, Values, Lifestyle and Self Concept Business Buying Process: Problem Recognition-> General Need Description-> Product specification-> Supplier search-> Proposal solicitation-> Supplier Selection-> Order-Routine Specification-> Performance review Buying Situation: Straight rebuy, Modified rebuy, new task Marketing Research process: Define the problem-> Develop and design research plan-> Collect data-> analyze information-> Present findings->make decision Research plan data sources: Primary- fresh, for a specific purpose Secondary- already exists, collected for other purpose Type of research: Exploratory- undertaken when problem or research question is still fuzzy and management wants additional information before undertaking further research Descriptive- used to describe customers, either small number in dept (qualitative) or large numbers by survey (quantitative) Cause-and-effect- used to explore the question “does X cause Y” Descriptive: Cross sectional- sample of customers at a specific point of time, Longitudinal- repeated measurement of the same customer over a period of time Research Approaches 1. Observational research 2. Focus group research 3. Survey research 4. Behavioral data 5. Experimental research Research Instruments: Quantitative-questionnaires: Advantages: powers of numbers/science, “objective”, can generalize, useful for forecasting Disadvantages: superficial/structures, not innovative, dishonesty/reluctance, non-response, artificially of control Qualitative Research: Advantages: deep understanding, quick, cheap, flexible, open Disadvantages: can’t generalize, requires expertise, “subjective” interpretation Module 5: Segmentation Segmentation: identify and profile distinct groups of buyers who
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