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Final

MKT 100 FINAL EXAM REVIEW.docx

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Department
Marketing
Course
MKT 100
Professor
Anthony Francescucci
Semester
Winter

Description
1. Strengths and Weaknesses-, Threats and Opportunities A SWOT Analysis examines the companies: Strengths...Internal Weaknesses...Internal Opportunities...External Threats...External By developing a SWOT analysis, a company can determine what its distinctive competencies are. This will help determine what the organization should be in business for, what its mission should be. You must be able to recognize via reading a small case, what would represent a strength or weakness of a company. You must be able to determine based on external issues/trends (PEST + C competition) if what was described in the case supplied, what would represent an opportunity or a threat. What does the acronym P.E.S.T stand for ? What would be examples of each? http://www.quickmba.com/strategy/swot/ 2. The categorical imperative- Be able to understand these principles and decide from reading a case study , which answer best represents the situation represented in the case The categorical imperative helps us to know which actions are obligatory and which are forbidden. Hypothetical imperatives are conditional: If I want x then I must do y. These imperatives are not moral. For Kant, the only moral imperatives were categorical: I ought to do x, with no reference to desires or needs. 3. The Utilitarian Principle Utilitarianism may be employed in any business decision-making process that seeks to maximize positive effects (especially morally, but perhaps also financially and so forth) and minimize negative outcomes. As with Bentham's formulation, utilitarianism in business ethics is primarily concerned with outcomes rather than processes. If the outcome leads to the greatest good (or the least harm) for the greatest number of people, then it is assumed the end justifies the means. (http://www.referenceforbusiness.com/encyclopedia/Thir- Val/Utilitarianism.html) 4. Types of Competition- MONOPOLY OLIGOPOLY MONOPOLISTIC COMPETITION PURE COMPETITION http://www.witiger.com/marketing/typesofcompetition.htm 5. Herfindahl Index First you need to define your different variables that you are going to use in your Herfindahl Index calculation. For example, you can use 5 different companies and 5 different market share percentages. Each company can have a different market share percentage. Company A can have 20 percent, company B can have 30 percent, company C can have 30 percent, company D can have 10 percent, and company E can have 10 percent. There is a formula that you can use to calculate the Herfindahl Index. (http://www.howtodothings.com/business/how-to-calculate-the- herfindahl-index) Based on the information provided above,The formula is applied as follows : (0.20)^2+ (0.30)^2 + (0.30)^2 + (0.10)^2 + (0.10)^2 = 0.24. The higher the Herfindahl Index would mean the more of a market share percentage meaning that the market would be dominated by those companies. 6. Ansoffs Matrix http://marketingteacher.com/lesson-store/lesson- ansoff.html understand why a company would select a specific strategy within Ansoffs Matrix. The Ansoff Growth matrix is a tool that helps businesses decide their product and market growth strategy. Ansoffs product/market growth matrix suggests that a business attempts to grow depend on whether it markets new or existing products in new or existing markets. DIFFUSION OF INNOVATION http://www.quickmba.com/marketing/product/diffusion/ Innovators: The adoption process begins with a tiny number of visionary, imaginative innovators. They often lavish great time, energy and creativity on developing new ideas and gadgets. And they love to talk about them. Right now, theyre the ones busily building stills to convert cooking oil into diesel fuel and making websites to tell the world about it. Unfortunately their one-eyed
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