MKT 100 Lecture Notes - American Marketing Association, Ketchup, Heinz Tomato Ketchup

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Published on 20 Apr 2013
School
Ryerson University
Department
Marketing
Course
MKT 100
Principles of Marketing
What is marketing?
Marketing is a set of business practices designed to plan for and present an
organization’s products or services in ways that build effective customer
relationships (Canadian marketing association)
Marketing is the activity, set of institutions, and processes for creating,
communication, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large (American marketing association)
Marketing’s Core Aspects
Marketing helps create value
Marketing is about satisfying customer needs and wants
Marketing entails an exchange
Marketing requires product, price, place, and promotion decisions
Marketing can be performed by both individuals and organizations
Marketing occurs in many settings
Value and the Customer
Value definition:
o The fundamental purpose of marketing is to create value for both the firm
and customer
o Value is in essence what a customer gets for what they give up
o It can be money, time, effort, etc.
Value-Based Marketing
Firms must offer customers something more than being offered by the competitors
Firms must understand how each aspects of their product/service creates value for
customers
Impact of Socio-Cultural Factors on Coca Cola
Public concern over calories counts is apparent in Coca-Cola’s business
Overall soda consumption in the US has declined steadily since 1998
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Document Summary

Marketing is a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships (canadian marketing association) Marketing is the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (american marketing association) Marketing is about satisfying customer needs and wants. Marketing requires product, price, place, and promotion decisions. Marketing can be performed by both individuals and organizations. Value definition: the fundamental purpose of marketing is to create value for both the firm and customer, value is in essence what a customer gets for what they give up, it can be money, time, effort, etc. Firms must offer customers something more than being offered by the competitors. Firms must understand how each aspects of their product/service creates value for customers. Public concern over calories counts is apparent in coca-cola"s business.

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