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…
PERSONAL CHARACTERISTICS OF THE ENTREPRENEUR (RISK TAKER, GO GETTER ETC.) UNWILLINGNESS TO DEVOTE THE IMMENSE AMOUNT OF TIME AND EFFORT REQUIRED TO MAINTAIN THE BUSINESS. THEY MAY HAVE TO LITTLE KNOWLEDGE OF THE BUSINESS AND HOW TO RUN IT. FAILURE TO DEVISE AN ADEQUATE FINANCIAL PLAN FOR THE BUSINESS AND TO ASSESS ITS ABILITY TO…
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,…
Austrian School (also Vienna School): A school of economics that emphasizes free markets, individual property rights, and freedom of association. It also calls for the abolition of central banks and a return to the gold standard. The school is based on principles postulated by the Austrian economist Carl Menger in the late 19th century. Boom…
Apartment An apartment, or flat, is a self-contained housing unit that occupies only part of a building. Your rent usually includes payment for the management of the common areas. Condo/Condominium Individual ownership of a portion of a building, with common areas shared by all owners. Often condo’s have all the amenities included in the unit…
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
Cost-plus Pricing – A markup is added to the cost price to ensure a profit Markup = selling price – cost price Markup % = selling price – (cost price/cost) X 100 Follow-the-competition Pricing – The price of the product or service is set equal to or slightly below a competitor’s price. The pricing can…
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…
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.…
Acquisition of a Brand An acquisition, also known as a takeover, is the buying of one company (the ‘target’) by another. An acquisition may be friendly or hostile. In the former case, the companies cooperate in negotiations; in the latter case, the takeover target is unwilling to be bought or the target’s board has no…