MKT 300- Final Exam Guide - Comprehensive Notes for the exam ( 33 pages long!)

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Published on 30 Nov 2017
Department
Course
Professor
Ryerson
MKT 300
FINAL EXAM
STUDY GUIDE
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! of !131
MKT 300 Class #1
Marketing Brain
Left Brain
Logical
Sequential
Rational
Analytical
Objective
Looks at parts
Right Brain
Random
Intuitive
Holistic
Synthesizing
Subjective
Looks at wholes
Examples of failed products or services and key reasons
Too late to market
Blackberry playbook
Blackberry Zio and Qio
Technology displacement
Blockbuster video
Videos used to cost $100
Competition- Netflix, Streaming, Wal-Mart
Complementary products or services lacking
VHS vs. BetaMax
HD-DVD vs. Blue-Ray
Hydrogen Cars
Doesn’t address a need or desire
Internet Fridge
Solving what problem?
Poor market research
New coke
Reasons Products or Services fail
Sales below Expectations
No differential advantage
The product or service does not solve a problem or issue
Poor market definition
Markets are becoming smaller even though we can reach global management
Lack of channel support
Getting shelf space in Walmart is not easy
Poor company fit
RIM-consumer vs. business markets
Poor understanding of customer’s needs/lack of marketing orientation
Profits below expectations
Production costs underestimated
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! of !231
Low sales volume - Not high enough to cover investment and fixed costs
Selling costs too high
Channel margins
Development cost too high
Steps to Successful Marketing Strategy
1. Analysis- understanding the current situation
Macro environment
5 C’s - Customers, Context, Company, Collaborators, Complementers, Competitors
PESTLE- Political, Economic, Sociological, Technological, Legal, Environmental
Porter’s Five Forces Model- industry dynamics
Key success factors
SWOT- A summary of your Analysis and the strategic implications for your
Company
2. Strategic vision and Strategy selection
3. Select and develop Marketing Strategy
Select and target segments that develop a marketing strategy to position your product or
service to satisfy your customers and earn a profit
4. Set specific marketing goals using key metrics
5. Planning, implementation & control metrics
6. Evaluation using key metrics
Situation Analysis 5 C’s
Analyzing Customers
Customers
Needs: Utilitarian, functional, emotional, social, symbolic etc.
Direct vs. indirect benefits
Rational, irrational
Decision-making process
Problem recognition
Information search
Evaluation of alternatives
Purchase decision
Post-purchase evaluation
Analyzing Context
Demographic
Economic
Socio-cultural Environment
Political/legal
Technological
Natural environment
Analyzing the Company
Business model
Competitive strategy
Lowest price
Unique or superior service or attribute
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