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Marketing week 1-7 notes.docx

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Department
Marketing
Course
MKT 100
Professor
Tina West
Semester
Winter

Description
MKT 100 Exam Notes 4/22/2012 9:34:00 PM Chapter 1: Intro to Marketing What is marketing?: Marketing is the activity and process of creating, communicating, delivering, and exchanging offerings of value for customers, clients, and society at large.  Marketing is not black or white it is gray, there are many right answers to a problem The marketing mix- The 4 P’s 1) Product 2) Place 3) Price 4) Promotion  Marketing is the diffusion of innovation: ex. Antibiotics is an example of how marketing helps a product to succeed Schumpeter wealth creation principle: Innovation and creative destruction The Smith wealth creation principle: Wealth created through exchanges The Wealth creation feedback effect: Innovations + exchanges produces wealth and welfare Supply and Demand:  Variation in supply/demand is constantly changing  Buyers preferences/ wants are always being changed by changes in supply  Suppliers’ products/ processes are always being changed by changes in demand Product Innovation Life-Cycle:  Introduction (Market fermenting)  new product is introduces to market  Growth (Market making)  when sales and profit increase  Maturity (Market equilibrium)  sales become steady as the product either continues in the market or becomes innovated into something else MKT 100 Exam Notes 4/22/2012 9:34:00 PM Chapter 2: Situation Analysis Metric 1: Expense Types: fixes, variable, and one time fixed 1) Variable Costs:  Parts  Commission  Transportation 2) Fixed Costs:  Rent  Advertising  Insurance  Office Equipment  Machinery 3) One time fixed Costs:  Buying land  Buildings  Heavy machinery The Strategic Marketing Process Four ‘Stages’ of Planning  Situation (Market) Analysis  SWOT Analysis  Implementation (STP + 4 P’s)  Budget Preparation 1) Situation AnalysisThe 5 C’s Company Collaborators Customers Competitors Climate (PEST) Customer Competitors Climate PEST examples: Political-Legal: Government policies, Political trends, Taxation issues Economic: Market and trade cycles, Market distribution trends, Job growth Socio-cultural: Consumer values, Media views, Laws affecting social
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