MKT 100 Chapter 1: MKT100 CHAPTER 1 NOTES.pdf

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Mary Foster

Document Summary

Core aspects of marketing: marketing is about satisfying customer needs and wants. Need: a person feeling physiologically deprived of basic necessities, such as food, clothing, shelter, and safety. *to understand customer needs and wants, the company must first identify the customers or market for its product or service. Buyers complete the exchange by giving money and information. *sellers provide goods or services, then communicate and facilitate the delivery of their to the seller. Exchange: the underpinning of seller buyer relationships: marketing requires product, price, place, and promotion decisions. Goods: items that can be physically touched. Services: intangible customer benefits that are produced by people or machines and cannot be separated from the producer. *examples of service: air travel, banking, insurance, beauty treatments, and entertainment all are services. If you attend a hockey or football game, you are consuming a service. Getting money from your bank by using an atm or teller is another example of using a service.