[MKT 100] - Final Exam Guide - Comprehensive Notes for the exam (248 pages long!)

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Published on 29 Nov 2016
Department
Course
Professor
Ryerson
MKT 100
FINAL EXAM
STUDY GUIDE
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Isaiah Ferris Winter 2016
MKT100 Lecture 1 Notes
Marketing is a part of trends
o What and how you market a product is a trend
Building Value
o Build and maintain a loyal customer base
o Distinguish from competitors
o How do Tim Hortons and Starbucks do it?
Strong brand, customer appeal
Constantly need to protect the brand
Consistent amongst various locations
What is marketing?
o 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
Core Aspects of Marketing
o
Need: Basic necessities in life
Want: How to fulfill that need (What food to eat?)
o Should satisfy us
Entails a marketing exchange
o The exchange can occur between any two parties
o Not simply a buyer and seller exchanging money for a good or service
o Can be an exchange of information for convenience
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Isaiah Ferris Winter 2016
o
Goods and services can be together
o Which of the following is NOT part of the marketing exchange?
Marketing requires marketing mix decisions
o
Product: Creating value
o Goods
o Services
o Ideas
Price: Transacting Value
o Price is everything the buyer gives up in exchange for the product
Money
Time
Energy
Place: Delivering Value
o All activities necessary to get the product to the right customer what that customer wants it
o Supply chain management is the field that examines these activities
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