MKT 100 Study Guide - Data Analysis, Liquor Control Board Of Ontario, Categorical Imperative

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Tina West

Document Summary

: marketing is the activity and process of creating, communicating, delivering, and exchanging offerings of value for customers, clients, and society at large. Marketing is not black or white it is gray, there are many right answers to a problem. The marketing mix- the 4 p"s: product, place, price, promotion. Marketing is the diffusion of innovation: ex. Antibiotics is an example of how marketing helps a product to succeed. Schumpeter wealth creation principle: innovation and creative destruction. The smith wealth creation principle: wealth created through exchanges. The wealth creation feedback effect: innovations + exchanges produces wealth and welfare. Buyers preferences/ wants are always being changed by changes in supply. Suppliers" products/ processes are always being changed by changes in demand. Introduction (market fermenting) new product is introduces to market. Growth (market making) when sales and profit increase. Maturity (market equilibrium) sales become steady as the product either continues in the market or becomes innovated into something else.