MKT 100 Lecture Notes - American Marketing Association, Ketchup, Heinz Tomato Ketchup

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Joanne Mc Neish

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 (canadian marketing association) Marketing is the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (american marketing association) Marketing is about satisfying customer needs and wants. Marketing requires product, price, place, and promotion decisions. Marketing can be performed by both individuals and organizations. Value definition: the fundamental purpose of marketing is to create value for both the firm and customer, value is in essence what a customer gets for what they give up, it can be money, time, effort, etc. Firms must offer customers something more than being offered by the competitors. Firms must understand how each aspects of their product/service creates value for customers. Public concern over calories counts is apparent in coca-cola"s business.