[MCS 3000] - Final Exam Guide - Ultimate 49 pages long Study Guide!

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3000
• Professor: Nicole Mc Callum

Document Summary

Marketing is about satisfying certain needs of some people through products or services. There is an exchange of value between two parties. The continuous process, from gaining knowledge of the market and its needs to satisfying those needs and maintaining customer relationships, is marketing. Marketing covers everything the company is and does to consistently provide competitively superior value. Overall strategic plan: lays out the broad strategies of all the firm"s units, divisions and departments over a 3-5 year planning horizon. Business plan: outlines the organization"s overall financial objectives and explains the overall strategy for achieving these objectives. Marketing plan: created at a lower level than the overall strategy and the business plan. Contains much more detail about the coming year"s marketing strategy and implementation. Consider how competitors and other stakeholders may influence the plan. The planning process usually starts several months before the plan is scheduled to go into operation.