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Final

MGMA01H3 Study Guide - Final Guide: Sales Operations, Westjet, Profit MarginPremium

25 pages168 viewsFall 2017

Department
Management
Course Code
MGMA01H3
Professor
Pankaj Aggarwal
Study Guide
Final

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University of Toronto
Scarborough
MGMA01H3
Principles of Marketing
Fall 2017
Final Exam
Prof: Pankaj Aggarwal
Exam Guide
Part 2 of 2
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Table of Contents
Part 2
Review
Introduction to Marketing and Company Analysis (Ch. 1 and 2)
Competitor Analysis (Chapter 18)
Consumer Behavior (Chapter 3, 6, 7)
Segmentation, Targeting and Positioning (Chapter 8)
Product Policy and Branding (Chapter 9 and 10)
Review
Introduction to Marketing and Company Analysis (Ch. 1 and 2)
Biggest failing of marketing - it has not marketed itself well; it is practical
knowledge; it has more substance than what it is credited with
What is marketing? Essence of marketing is a transaction; it intends to satisfy
human needs; it is an exchange
Four Factors essential for Marketing:
Two or more parties with unsatisfied needs (particular groups)
A desire and ability on their part to be satisfied (Desire for the products)
A way for the parties to communicate, and transact (Vehicle)
Something to exchange. (There need to be a product)
3C-4P Analysis
3C: Customer Analysis, Company Assessment, Competition Analysis
4P: Product, Price, Promotion, Place
Why study Marketing?
It is a way of thinking
How Marketing Fits in an Organization
See graph below
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Different Orientations to Marketing
Production Orientation
Business centered around Manufacturing
Consumers favor products that are 1. Available 2. Affordable; concentrate on
operational efficiencies and cost reduction, which is one of the oldest
orientations that guides sellers.
Example: Lenovo dominates the highly competitive, price-sensitive Chinese PC
Market through low labor costs, high production efficiency and mass distribution.
However, it can lead to marketing myopia, focusing too narrowly.
The Product Orientation
Business centered around Product
Consumer favor products that offer 1. Highest quality 2. Best performance 3. Most
innovative features, they focus on design features and products excellence
One of the oldest orientations that guides sellers.
However, focusing only on product can also lead to marketing myopia.
Example: Mousetrap for mouse problems, buyers may be looking for a better
solution to a mouse problem but not necessarily for a better mousetrap.
The Selling Orientation
Business centered around Sales
It focuses on sales transactions, typically for unsought goods, for goods that
buyers do not normally think of buying, they are more of buying the ‘deal’. It
assumes hard sell customers are satisfied. It sells what company makes rather
than making what the market wants
High risk: It focuses on creating sales transactions rather than on building long-
term, profitable customer relationships.
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