MKT 100 Lecture Notes - Lecture 1: Marketing Mix, Voice Of The Customer, Retail

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

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. Marketing is the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. How do marketers create value for a product or service: satisfies customer needs and wants. Figure out who your target market is: marketing is an exchange. Can occur between a organization and a client. The exchange is between a buyer and a seller to which both entail a better outcome (ie. itunes and their customers) Whilst the client gives not only money but information as well. (ie. emails, social media: marketing requires marketing mix decisions. Creating value;product: brand, size, quality, features, packaging, warranty. Communicating value;promotion: communication activities to inform, influence, persuade, and remind potential buyers. (ie. advertising, sales, personal selling)