MKT 100 Study Guide - Market Orientation, Retail, Kijiji

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Wayne Petrozzi

Document Summary

Marketing: 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. (american marketing. Note: customers are for the purchases, consumers are the ones using a product/service, and clients are for services and recurring customers. People, experiences, events, products, organizations, ideas, services, information, places. Marketing is about satisfying customer needs and wants. Need: the requirement of basic necessities such as food, clothing, shelter and safety. Want: satisfying desire shaped by one"s culture, knowledge and personality; usually luxurious. Demand: people with a need or want that have purchasing power. Market: refers to the group of people that have the ability and willingness to buy a product or service. Target market: the customer group to whom a firm is interested in selling its products/services to. Marketing entails value exchange between buyer and seller so that each is better off.