MKT 100 Lecture Notes - Lecture 1: Starbucks, Retail, Critical Success Factor

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Paul Gillespie

Document Summary

Mkt 100 - lecture 1 - overview of marketing. Define the role of marketing and explain its core concepts. Describe how marketers create value for a product or service. Understand the importance of marketing both within and outside the firm. In order to have a successful product, a business must: Build and maintain a loyal customer base. Differentiate from competitors (think about how tim hortons and. 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. Marketing is about satisfying the needs and wants of customers. Marketing can be performed by both individuals or organizations. Marketing requires making decisions involving the 4 p"s. To satisfy customers, a firm must understand their needs and wants. The exchange could occur between any two parties. It does not have to be just a buyer and a seller exchanging money for a good or service.