Class notes
Class notes MKT 101 (MKT101)
- Course
- MKT 101 (MKT101)
- Institution
- Hofstra University
In-depth notes on basic marketing.
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Marketing mixStrategic marketing w the four p’s
- Product
- Place
- Price
- Promotion
Service and product can be interchangeable = same thing
Distribution = where the product is available and how many outlets
Exclusive vs intensive
Intensive- available everywhere
Exclusive - sold to certain areas and certain people
Social responsibility/ethics
Might cost profit but it may be better for the environment or seen as ethically better
Price/quality relationship
,ADVERTISING
- Paid for publicity
- From the company
SALES PROMOTION
- Buy one get one free
PR OR PUBLICITY
- Info about a company not from a company
- Can be positive or negative
PERSONAL SELLING
- Only prevalent in the biz-to-biz market
- For specific niche purposes
- For schools: desks white boards etc
Target market → who you are trying to appeal to buy your product
Target audience→ who the promotion is aimed at
(Can be different and one may have multiple while the other doesn’t but they go hand in hand)
Competition - their competitors in the market
- Other companies selling to the same target market
- Or selling the same product
Product mix
All the products they make is the product mix
Ex: apple, ulta
, For smaller companies niche marketing is better
- Specific products for specific groups
SWOT analysis
Strengths
- What do they do better
Weaknesses
- What do they do worse
Opportunities
- Change in market place
Threats
- Outside occurrences as laws and things of such
Risky markets and products due to the laws placed on them
- Alcohol - tobacco
- firearms - marijuana
- gambling
Differential advantage
- Whats makes you product more desirable to the consumer then ur competitors
products
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