MKT 100 Study Guide - Midterm Guide: Direct Selling, Personal Knowledge Base, Service-Level Agreement

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Harvey Mc Phaden

Document Summary

Marketing set of business practices designed to plan and present and organizations products/services in ways that build effective customer relationships. Value fundamental purpose of marketing is to create value for customers and firm. What you get for what you give up: satisfying customer needs/wants. Need person feeling physically deprived of basic necessities such as food, clothing, shelter, safety. Want particular way a person chooses to satisfy a need: marketing entails an exchange. Exchange trade of things of value between the buyer and seller so each is better off as a result: the 4 p"s. Marketing mix (four p"s) product, price, place and promotion are controllable set of activities that firm uses to respond to wants of its target markets: can be performed by an individual/organization. B2b, b2c, c2c: occurs in many settings, helps create value. Production orientation company focuses on developing and distributing products with little concern about whether products best satisfy customer needs (push and pray)