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MKT 100 (974)

Lecture 1

2 Pages

Course Code
MKT 100
Joanne Mc Neish

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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 giv
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