Market research & development

Marketing information system (MIS): A set of procedures and processes for collecting, sorting, analyzing, and summarizing information on an ongoing basis. Market research: The process of collecting and analyzing information in order to recommend actions to improve marketing activities. Research classifications: Exploratory research: Preliminary research conducted to clarify the scope and nature of the marketing…

Marketing: Values, beliefs and attitudes

Learning: Behavioral learning: The process of developing automatic responses to a type of situation built up through repeated exposure to it. Marketers use: Stimulus generalization: Using the same brand name to launch new products is a common application. Stimulus discrimination: Ability to perceive differences among similar products. Cognitive learning: Involves making connections between two or…

Consumer Behavior & Psychological Influences

Consumer behavior: Actions a person takes when purchasing and using products and services. Consumer purchase decision process: Stages that a buyer passes through when making choices about which products or services to buy. Stages: Problem recognition: perceiving a need: This is when a person realizes that the difference between what he or she has and…

The Marketing Environment: Competitive Forces

The marketing environmental scan: The process of continually acquiring information on events occurring outside the organization to identify trends, opportunities and threats to your business. 6 forces marketers look at: Demographic forces: The statistical data on a population according to characteristics such as age, gender, ethnicity, income and occupation. Socio cultural forces: Cultural values, ideas,…

Marketing mix & Marketing fundamentals

The essence of marketing: –          Focusing on customer needs –          Creating customer value (Achieved by delivering outstanding value through the combination of (1) pricing strategies, (2) product design, and (3) service elements. –          Appealing to target markets –          Coordinating the marketing mix Customer value: The unique combination of benefits received by targeted buyers that includes…

Types of Globalization

Financial globalization Interconnection of the world’s financial systems e.g. stock markets More of a connection between large cities than of nations Example: What happens in Asian markets affects the North American markets. Economic Globalization A worldwide economic system that permits easy movement of goods, production, capital, and resources (free trade facilitates this) Example: NAFTA, EU,…

External Influences Affecting the Marketing Mix

Economic Influence Economic Trends Domestic and International Trade Competitive Influence Market Structure Competitive Strategy Competitive Position Social and Demographic Influences Demographic Trends Multiculturalism Lifestyles Ecological Concerns Technological Influence Advances Research and Development Investment Information Technology Legal and Regulatory Influence Federal Laws/Regulations Provincial Laws/Regulations Self-regulation

What is Branding and Positioning

BRANDING AND POSITIONING PACKAGING Who packages the items? Raw material processors, manufacturers, retailers Why and how are things packaged? Protection Convenience Information Environmentally Friendly Promotion Appearance and Branding Packaging is often referred to as “THE SILENT SALESPERSON” 6 FUNCTIONS OF PACKAGING Protection Protect from breakage (bubble wrap, foam) Protect from germs, air, sunlight, dust/dirt (air…

Trading between Canada and Jamaica

Canada and Jamaica enjoy close, longstanding, and historic bilateral relations that include hemispheric and international cooperation, security and defence cooperation, trade and investment links, official development assistance, tourism, and a large Jamaican community in Canada estimated at 230,000 people. Canada and Jamaica cooperate within the Commonwealth, the United Nations and the Organization of American States.…