MKT 100 Study Guide - Midterm Guide: Competitive Advantage, Marketing Mix, Target Market

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Growth strategies- market penetration, market development, product development, Uses swot analysis - strengths, weaknesses, opportunities and threats! In the planning phase if developing a marketing plan! Entails an exchange (trade of things of value between the buyer and the seller)! Can be performed by both individuals and organizations! Market: customers; segmented into groups of people ! Target market: customer segment that the rm is interested in selling its products or services to (lexus has a target market of rich people who want and can afford their product)! Marketing mix: four p"s (product, price, place, promotion)! Product: creating value; product, brand, size, quantity, packaging warranty! Price: transacting value; list price, discounts, costs, payment period, credit terms! Place: delivering value; marketing channels, locations (retailers, online), supply chain! Four orientations of marketing: began with product orientation, then sales orientation, then. Value-based orientation: focuses on people (consumer needs & wants), pro ts (long-term pro table relationships), and planet (social and environmental responsibility) !