MCS 1000 Lecture Notes - Lecture 1: Marketing Mix

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Understanding consumers" needs (the marketing process around that concept) Develop a concept around these needs (e. g. the benefits that solve the needs) Discovering consumer needs and identifying the necessities consumers lack that our firm can provide to satisfy the consumers. Developing the concepts of products intended to satisfy the consumers" needs. This is the core of the marketing process. Satisfying the needs through the right combination of the marketing mix. The four marketing mix includes product, price, place and promotion. As firms are not isolated, the marketing process is influenced and affected by elements in its surrounding. These factors may be internal (if they belong to the firm) or external (if they are part of the outside environment) Corporate strategy as the internal factors and the environment as the external factor: the corporate strategy: determine the role, scope and limitations of the marketing process.