Class notes

COMMERCE 1MA3 Full Class Notes

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Course
COMMERCE 1MA3 (COMMERCE1MA3)

Institution
McMaster University (mcmasteru)

Complete class notes including everything that is on the slides along with specific notes said by the teacher in class. Enjoy!

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Uploaded on November 14, 2024
Number of pages 53
Written in 2022/2023
Type Class notes
Professor(s) Diego figueredo
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COMMERCE 1MA3 Complete Class Notes & Exam Study Guide

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1. Class notes - Commerce 1ma3 full class notes
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Introduction to Marketing - COMM-1MA3

Chapter 17-Ethics & Socially Responsible Marketing

Marketing Ethics Deal
Shareholder interests vs Societal needs

❖ Business Ethics
➢ Concerned with distinguishing between right & wrong actions and decisions that
might arise in a business setting
❖ Marketing Ethics
➢ Examines ethical situations that are specific to the domain of marketing, including
societal, global, or individual consumer issues

Creating an Ethical Climate in the Workplace
❖ Values
➢ Establish
➢ Share
➢ Understand
❖ Rules
➢ Management commitment
➢ Employee dedication
❖ Controls
➢ Reward
➢ Punishment

CSR - Corporate Social Responsibility
Voluntary actions taken by a company to address the ethical, social & environmental impacts of
its business operations & the concerns of its stakeholders.

Ethics vs. Social Responsibility

, Introduction to Marketing - COMM-1MA3

Framework for Ethical Decision Making

1. Identify Issues
- Using results to mislead or even harm the public
- Hiding the real purpose of the study
- Data collection methods

2. Gather Information & Identify Stakeholders
- Identify all ethical issues & relevant legal information
- Identify all relevant stakeholders & get their input on any identified ethical issues

3. Brainstorm & Evaluate Alternatives
- Halt the market research project?
- Make responses anonymous?
- Instituting training on the CMA Code of Ethics for all researchers

4. Choose a Course of Action
- Weigh the alternatives
- Take a course of action

, Introduction to Marketing - COMM-1MA3

Chapter 16-Global Marketing

Globalization
The increased flow of goods, services, people, technology, capital, information & ideas around
the world; has economic, political, social, cultural & environmental impacts.

Assessing Global Markets
4 sets of factors are often used to assess a countries market PEST:
❖ Political
➢ Tariffs
■ Duty/tax
■ Artificially raises prices
■ Lowers demand
➢ Quotas
■ Max limit
■ Reduces availability of imported goods
➢ Boycotts
■ Groups refusal to deal commercially with an organization to protest
against its policies
➢ Exchange control
■ Value of the dollar
➢ Trade agreements
➢ Trade sanctions
■ Penalties or restrictions imposed by one country over another for
importing & exporting goods, services & investments
❖ Economic
➢ General economic environment
■ GDP (Gross DOmestic Product)
■ Trade surplus or deficit
■ Purchasing power parity
■ Human development index
➢ Market size & population growth rate
■ Less developed nations are experiencing rapid population growth, while
many developed nations are experiencing either 0 or negative natural
population growth
➢ Real income
■ Firms can make adjustments to an existing product or change the price to
meet the unique needs of a particular countries market
❖ Sociocultural

, Introduction to Marketing - COMM-1MA3

➢ Power distance
➢ Uncertainty avoidance
➢ Individualism
➢ Masculinity
➢ Time orientation
➢ Indulgence
❖ Technology & infrastructure factors
➢ Transportation
➢ Distribution channels
➢ Communication
➢ Commerce

Global Market Entry Strategies

The more control you wish to have the riskier the entry gets.

Choosing a Global Marketing Strategy Target Market (STP)
❖ Cultural Nuances
❖ Subcultures
❖ View of Product & Consumer Roles
❖ Different Positioning
❖ Product Adaptation
❖ Alter Marketing Mix as Needed

Global Marketing Mix: Global Product or Service Strategies

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