MKT 100 Lecture 2: MKT 100 Chapter 2&3 NOTES

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Daryl D' Souza

Document Summary

Identify and analyze direct and indirect competitors: know strength and weaknesses. Competitive measures: market share share of a total industry sales/unit, brand mind-share consumers first brand comes to mind, r & d spend vs. industry; indicator new product innovation. Which of the follo(cid:449)i(cid:374)g is not co(cid:374)sidered part of a co(cid:373)pa(cid:374)y"s i(cid:373)(cid:373)ediate e(cid:374)(cid:448)iro(cid:374)(cid:373)e(cid:374)t? (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:859)s (cid:272)orporate part(cid:374)ers co(cid:373)pa(cid:374)y"s stockholders competitive intelligence (cid:272)o(cid:373)pa(cid:374)(cid:455)(cid:859)s (cid:272)apa(cid:271)ilities. Income: purchasing power is tied to income, many middle-class families feel the decline in purchasing power in recent years. Lifelong learning of new skills and new knowledge has become key to survival in the global economy: marketers often combine education levels with other data such as occupation & income to obtain accurate predictions of purchase behavior. Ethnicity: the challenge is for marketers to understand the culture, value & spending patterns of these various groups & determine the best way to communicate with them. In terms of opportunity, in general, ethnic groups spend more than their caucasian counterparts.