MKT 100 Lecture Notes - Lecture 1: Marketing Mix, Target Market, Institute For Operations Research And The Management Sciences

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Yanina Chevtchouk

Document Summary

Marketing: set of business practices designed to plan for and present an organization"s products/services in ways that build effective customer relationships. Marketing plan: document made of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 4 p"s, action programs, and projected income. It consists of how the product is made and designed, how much it should cost, where and how it is promoted and how it will get to the consumer. Need: a person feeling physiologically deprived of basic necessities (e. g. food, clothing, shelter and safety). Want: the way in which a person chooses to satisfy a need which is shaped by a person"s knowledge, culture and personality. Market: refers to the group of people who need or want a company"s products and or services and have the ability and the willingness to buy them.