A New Capitalist Manifesto: Hernando de Soto & Mystery of Capital

De Soto and his Influence For many of the world’s poor, the promises of capitalism are nothing more than empty rhetoric. Latin American economist Hernando de Soto is one of those providing the fresh thinking that is required, with his focus on the legal aspects of economic development in emerging economies. De Soto has an…

Marketing: Customer Relationship Management

Customer relationship management (CRM): The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. (Software that keeps your files, banking systems have all your information stored). The software can be assessed from wherever because its on the companies server. CRM entails cultural changes: CRM is an overall company…

Marketing: Distribution and Supply Chain

Nature and importance of marketing channels: Marketing channel: the set of individuals or firms involved in the process of making a product available. Intermediaries: Individuals or firms performing a role in the marketing channel, involved in making a product available. Functions performed by intermediaries: –          Transactional function: This is done when they buy and sell…

Market Segmentation & Targeting

Market segmentation: The aggregation of prospective buyers into groups that have common needs and respond similarly to marketing programs. 2 main market segments: –          Consumer market: Consists of products, ideas, and services that a person can purchase for personal use –          Business market: Products that are purchased either to run a business or to be…

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, and…

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.…