MKT 100 Lecture Notes - Lecture 1: Swot Analysis, Market Orientation, Target Market

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

Document Summary

Product, price, distribution, advertising, target market, environment, research, selling. Marketing entails an exchange: the exchange can occur between two parties, not simply a buyer and seller exchanging money for a good or service, goods/services producers (sellers) communications & delivery customers/consumers (buyers) money & information. Used to inform, persuade, and remind potential buyers. Used to influence their opinions or elicit a response: product + price + place + promotion = marketing mix. Find a need to fill it: value-based marketing orientation, provide greater value than competitors, take (cid:272)o(cid:374)su(cid:373)ers(cid:859) a(cid:374)d so(cid:272)iet(cid:455)(cid:859)s (cid:449)ell-being in the long-run into consideration in making marketing decisions. How do firms become value driven: sharing information, balancing benefits with costs, building relationships with customers, connecting with customers using social and mobile media. Customer relationships: why do firms care, satisfied customers are loyal (5% migrate to competitors, are less price sensitive (willing to pay more) refer company to others (tell an average of 3 others about their good experiences)