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Midterm

MKT 100 study notes for midterm

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Department
Marketing
Course
MKT 100
Professor
Caitlin Mc Laughlin
Semester
Fall

Description
CHAPTER 1 - 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. - Variation in supply is constantly changing along with variation in demand and therefore supplier’s products and processes are always being changed by changes in demand. - Product innovation life cycle – introduction market fermenting, growth market making, maturity market equilibrium. - Economies are made up of chains of manufacturers that each add value. It is called an added value supply chain. CHAPTER 2 - PEST stands for Political, Economical, Social and Technological. CHAPTER 3 - Percentage Change = (New Amount – Old Amount) *100% Old Amount - SWOT – Strengths, Weaknesses, Opportunities and Threats CHAPTER 4 - Relative Market Share= Brands Market Share ÷Largest Competitor Market Share - Unit Market Share(%) = Unit Sales Total Market Unit Sales - Revenue Market Share (%) = Sales Revenue Total Market Revenue - Three firm concentration ratio = highest 3 revenues (addition) - Herfindahl Index = (each market share unit ^2) add all of them - Pure monopoly – one seller who sets the price for a unique product - Oligopoly – Few sellers who are sensitive to each other’s prices - Monopolistic Competition – Many sellers who compete on nonprice factors - Pure Competition – Many sellers who follow the market price for identical commodity products - Contribution margin is the amount left over from sales revenue that can contribute to fixed costs, once variable costs are deducted. - Contribution margin can be expressed as a %, or a dollar amount and also per unit or total dollars - Contribution Margin = Revenue- COGS or Variable Costs - Contribution Margin % = Contribution Margin $ * 100 Revenue - Quantitative Research - Advantages - Disadvantages Power of numbers/science Superficial/structured Objective Not innovative Generalizable Dishonesty/Reluc
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