ADMS 2200 Study Guide - Midterm Guide: Electronic Business, Boston Consulting Group, Psychographic

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Kim Snow

Document Summary

Marketing: the art and science of satisfying customers. Utility: the want of satisfying power of good or services. X marketing: an organizations or function that helps satisfy the customers. Five eras in history of marketing: production (1920"s, sales (1950"s, marketing (since 1950"s, relationships (since 1990, social (since 2000) Marketing planning: the basis for strategy and tactics. Adopting courses of action that will achieve these objectives. Provides long term directions for decision makers. Rivalry among competitors (linked with the other 4) Potential new entrants (will more companies be able to join the market) First mover strategy: the company that is always the first to offer a product in a marketplace will be the long-term market winner. Second mover strategy: observing the innovations of the first movers and then improving on them to gain advantage in the market. Apple always comes out with the first smartphone and android waits till they release it and make improvements.