MGMA02 midterm guide.pdf - University of Toronto(UTSC MGMA01H3 Principles of Marketing Fall 2017 Term Test 1 Prof Pankaj Aggarwal Exam Guide

MGMA02 midterm guide.pdf - University of Toronto(UTSC...

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University of Toronto ( UTSC ) MGMA01H3 Principles of Marketing Fall 2017 Term Test 1 Prof: Pankaj Aggarwal Exam Guide
Introduction What is marketing? o Advertising o Product o Pricing o Public relations o Direct mail o Sales forecasts o Research o Incentive programs o Promotions o Planning o Production planning o Service o Distribution strategy o Web-site design o Trade relationships o Sponsorships o Donations Marketing is a transaction to satisfy needs o Buyers have needs that sellers satisfy Four factors are essential for marketing o Two or more parties with unsatisfied needs o A desire and ability on their part to be satisfied o A way for parties to communicate, and transact o Something to exchange What can we market?
o Products o Brands o Companies 3 C’s and 4 P’s of marketing o 3 C’s: customer analysis, company assessment, competition analysis o 4 P’s: product, price, placement, promotion, place The 4 P’s are implementations of the 3’s Barbie history video o Barbie deemed inappropriate due to societal standards o Barbie had to appeal to both parents and kids o Marketed to parents as a learning tool for young girls o Company: one woman vision o Consumer: parents and children o Competition: existing beliefs, Sindy o Product: idea, shape/size, extensions, accessories, name, packaging, role of Ken o Price: premium o Promotion: ads, matching the changing environment o Place: worldwide o Other issues: ethical issues Understanding consumer is key!!!!!!!!!!
Different Orientations to Marketing and Company Analysis Different orientations to marketing: different companies have different philosophies to marketing o Production orientation o Product orientation o Sales orientation o Marketing orientation Production orientation o The business is centered around manufacturing of a product o Consumers favour products that are affordable and widely available o Focuses on operational efficiencies and cost reduction of manufacturing a product o Product quality isn’t the primary focus o Manufacturers move overseas to China because it lowers their production cost Product Orientation o The business is centered around the product o Consumers favour products that have the highest quality, best performance, and most innovative features o There is a focus on design features and product excellence o Tech companies are product oriented o Research and development focused Selling Orientation o The business is centered around sales o The focus is on sale transactions o Typically for unsought goods and driven by over capacity o Assumes that hard sell customers are satisfied o The focus is on clinching the ‘deal’
Marketing Orientation o Business is centered around customers o Assumes that customers have unmet need and the organization can provide products and services that satisfy these needs at a profit o Focus is on providing ‘value’ to the customer; make the customer see the value in your product o Selling Vs. Marketing o Company orientation o Consequences of outward orientation Pricing: cost-plus or value based

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