MKT 100 Lecture Notes - Lecture 1: Air Miles, Decision-Making

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Key customer markets: global markets, consumer market, business markets, government market. A need is when a person feels deprived of the basic necessities of life (i. e. food, clothing, shelter, or safety). A want is the particular way in which the person chooses to fulfill his or her need, which is shaped by a person"s knowledge, culture, and personality. The company must first identify the customers or market for its product or service. Marketers divide the market into subgroups or segments of people to whom they are interested in marketing their products, services, or ideas.