MKT 300 Lecture Notes - Lecture 1: Pest Analysis, Switching Barriers, Apple Music

• School: Ryerson University
• Department: Marketing
• Course: MKT 300
• Professor: Andrew Mc Williams

Document Summary

Strategic marketing analysis, external environment, porter"s 5 forces, swot, review 4 p"s, introduce 7 p"s. Too late to market, technology displacement, complementary products/services lacking, doesn"t address need or desire and/or poor market research. Steps to successful marketing strategy: analysis understand current situation. Swot: strategic vision and strategy selection, select and develop market strategy target market, marketing strategy, set specific marketing goals, plan, implement and control metrics, evaluation using metrics. Macroenvironement = general economic conditions, legislation and regulations, population demographics, societal values and lifestyles, and technology. Immediate industry and competitive environment: suppliers, substitute products, buyers, new entrants, rival firms. Situational analysis 5 c"s: customer: needs are utilitarian, functional, emotional, social, symbolic. Problem recognition, information search, evaluations of alternatives, purchase decisions, and post purchase evaluation: context: demographics, economic, socio-cultural environment, political/legal, technological, and natural environment, company: competitive strategies (low price, unique service/attributes, niche/small segments, collaborators- materials input.