CCT322H5 Study Guide - Midterm Guide: Buzzfeed, Tim Hortons, Rieti

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CCT322 Test 1 Study Notes
Google Search
Ads are i a sado a light ro akgroud
The rest of the results are organic
Things you can control Things you cannot control
 Ps arketig i PESTGC (the 6 environments)
- Product - Political Environment
- Promotion - Economic Environment
- Price - Social & Cultural Environment
- Place - Technological Environment (ex. wifi)
- Geographical Environment
- Competitive Environment
Product
Physical features; the packaging
Includes branding
Eaple of opetitie pakagig: Ti Hortos lid s MDoalds lid
Price
are you going to sell at a high price and make a lot of profit in the short term? Or opposite?
Canada Goose wants to keep their price high because you buy one so others can know you
spent $$$ on it
Psychology of pricing (ex. Costco)
Place
Decision where to sell the product and where the customers are
Ex. Tim Hortons ill hae oe i eer , the aret reall opetig for the est offee,
but convenience
Promotion
Telling the customer about the product
What everyone thinks marketing is
Divided into 3:
> Sales Promotion
Stuff you do in the store to get the customer to try the product
Contests, coupons, free samples
> Mass Selling
Advertising (which you par for)
Publicity (free; ex. viral marketing campaign)
> Personal Selling
Direct contact person2person with a potential customer
Sometimes for high quality consumer products (ex. jet, car)
Trends
Being aware of consumer trends gives you an advantage
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Due to the fast paced Technological Environment, the pressure of the Competitive Environment,
and the stress of the Economic Environment, companies MUST be aware of trends that affect
their customers in order to keep selling profitability
Ex. Blackberry (they became a trend but could not keep up with technology from competitors)
7 Steps in the Selling Process
1) Prospecting (finding customers)
2) Approach (how to approach customer)
3) Presentation (features, advantages, benefits)
4) Demonstration
5) Handling Objectives (cost)
6) Closing
7) Follow-Up
Business Plan
a formal statement of business goals, reasons they are attainable, and plans for reaching them.
It may also contain background information about the organization or team attempting to reach
those goals
essentially how to run a business
Marketing Plans are a sub-set of a opas usiess pla
Marketing Strategy
1: Target Market (who you are selling to)
: Marketig Mi Ps
Oe ou hae a Marketig “trateg deeloped, ou a reate a MA‘KETING PLAN
Marketing Plan
FIRST, know your TARGET MARKET
> Who do you want to sell it to? How will they use it?
Then know about Segmentation
Marketing strategy + timely details = marketing plan
Marketing Program
For a medium or large sized firm it is simply several Marketing Plans
Ex. for Ford, you have a Marketing Plan for trucks, small cars, etc.
Marketing Orientations
Early on, companies focus on products
> Feature, advantages, benefits
Means finding out what ppl want and providing it
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