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MKT 100 Study Guide - Cyrus Mccormick, Scotiabank, Air Canada

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School
Ryerson University
Department
Marketing
Course
MKT 100
Professor
Caitlin Mc Laughlin

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MKT 100 Full Course Notes
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MKT 100 Full Course Notes
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Document Summary

Product- he made sure his product was quality to maintain his reputation, and he sent them in pieces so the farmers could comprehend how to use it, had warranty for the product, and continued to innovate. Price- established a good price to be competitive and he standardized his price. Promotion- lost his patent knew how to invest in the right assets, showing the farmers with real life examples on how to use it, advertised with a magazine to provide useful information. Place- knew where the farmers were going to benefit, located his factory in chicago, Railroads and rivers to make sure it was accessible. Slide 2 situation analysis: a business has a problem. Always identify the root causes to eliminate the problem. Products image experience culture (company values and beliefs) goals. Horton"s and wendy"s: air canada and cineplex etc. ) Direct or indirect knowing the position of your competitors and take advantage of them.

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Related Questions

 few years, British Sky Broadcasting has transformed the way people in Britain watch and use their television. Before Sky, people could never have imagined ordering a pizza or sending an email from their set. Today it's an accepted thing.

Part of Sky's success has been in its brand - in defining what makes Sky special and in expressing that difference visually, in products and in the actions of people in the company. And that brand has become one of the company's greatest assets. Brands help companies build a relationship with a customer. A good brand not only helps differentiate a company, it also helps the customer feel something as a result. A pair of Nike trainers might make a person feel more fashionable. A Sony minidisc player might make a person feel they are at the cutting edge of miniature technology. A Rolls Royce might make a person feel that they have reached the top.

Some brands even go beyond that and become so well known that they become generic. This means they're used as a general term for that type of product, even if it's a competitor's product. Walkmans, and Hoovers are a good example. People Hoover the carpet, even if they're really using an Electrolux.

A brand helps customer recognition and enables recognition to be spread by word of mouth as well as by advertising. A brand also adds value. It can allow a company to offer its products at a premium, without reducing the customers' perception of value for money. It also allows a company to extend what they offer to the customer - if a customer trusts one product from that company, they are more likely to trust (and buy) another product from the same company.

That is why Sky has invested so much in its brand. As the first entrant 16 years ago in the field of multichannel television, it had the opportunity to build strong recognition and to even establish itself as the generic brand for multichannel television.

Source: (viewed 10 February 2019)

QUESTIONS

1. In the above article, "if a customer trusts one product from that company, they are more likely to trust (and buy) another product from the same company". Discuss different ways that companies can use to increase brand loyalty. Justify your answers with relevant examples. (5 marks) (500 words)

2. In the above article "brand has become one of the company's greatest assets". Do you agree? Justify your answers with arguments and examples. (5 marks) (500 words)