Study Guides (238,613)
Canada (115,253)
Marketing (501)
MKT 100 (251)

Final Study Sheet.docx

40 Pages
Unlock Document

Ryerson University
MKT 100
Najam Saqib

Chapter 1 Marketing Customer Value Satisfaction Customers Relationships and customers Experiences Marketing is not onlyAdvertisingSellingCommon sense MarketingAn organizational function and a set of processes for creating communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholdersRequirements for Marketing to Occur 2 or more parties with unsatisfied needs Both buyer and seller have needs Desire and ability to satisfy these needs Both buyer and seller must have the money to fulfill these needs A way for the parties to communicate Must know where the product is and if theres a potential marketSomething to exchange Both buyer and seller exchange something of value MarketPeople with desire and ability to buy a specific product The Breadth and Depth of Marketing What is a market A market is people with the desire and ability to buy a specific product Who markets Every organization markets What is marketed Goods services and ideas Who buys and uses Both individuals and organizations buy and use good and services Who benefits Consumers organizations and societySocial MarketingMarketing designed to influence the behaviour of individuals in which the benefits of the behaviour accrue to those individuals or to the society in general and not to the marketer Ultimate Consumerspeople whether 80 or 8 months old who use the goods and services purchased for a household Organizational buyersThose manufacturers wholesalers retailers and government agencies that buy goods and services for their own use or for resale Target MarketOne or more specific groups of potential consumers toward which an organization direct its marketing programMarketing MixThe marketing managers controllable factors the marketing actions of product price promotion and place that he or she can take to create communicate and deliver value Product A good service or idea to satisfy the consumers needs Price What is exchanged for the product Page 1 of 40PromotionA means of communication between the seller and buyer Place A means of getting the product into the consumers hands The Uncontrollable Forces Social Economic Technological Marketing Programa plan that integrates the marketing Competitive mix to provide a good service or idea to prospective buyers State of the economy Evolution of North American Business Production Era Products were scarce thus products would sell themselves Sales Era Competition grew sales people were hired to sell products Marketing Concept Era Adapted the marketing concept Think Marketing before production cycle Market Orientation Era Adapted to Market orientationMarketing ConceptsThe idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals Market Orientationfocus efforts on Continuously collecting information about customers needs and competitors capabilitiesSharing this information throughout the organizationUsing the information to create value ensure customer satisfaction and develop customer relationships Social Responsibilityindividuals and organizations are part of a larger society and are accountable to that society for their actions Social Marketing Conceptthe view that an organization should discover and satisfy the needs of its customers in a way that also provides for societys well being Macro marketingThe aggregate flow of a nations goods and services to benefit society Micromarketinghow an organization directs its marketing activities and allocates its resources to benefit its customers Form ProductDesign Task Afterduring sale service Utility value that comes Place Distributionstore location from satisfying human Time Inventorywarehouse management needs Possession Transactiontransfer of ownership Page 2 of 40Chapter 2 Developing Successful Marketing Strategies Organizations can be divided into Business firmsa privately owned that serves its customers in order to earn a profitNonprofit organizationsa nongovernmental organization that services its customers but does not have profit as an organizational goal Levels in Organizations 1 Corporate levelLevel at which top management directs overall strategy for the entire organization This level creates value for shareholders of the firm as measured by the performance and profitability 2 Business Unit LevelLevel at which business unit managers set the direction for their products and markets 3 Functional LevelLevel at which group of specialists actually create value for the organization Crossfunctional teams a small number of people from different departments in an organization who are mutually accountable to a common set of performance goals Internal stakeholders employees officers and board members External stakeholders customers suppliers distributors governments union local communities and the general public Strategy Issues in organizationsThe business definitionat birth most organizations have a clear idea about what something and someone mean But as the organization grows over time often its purpose gets fuzzy or unclear This is when the organization repeatedly asks some of its most difficult questions what is our business Who are our customers What offerings should we provide to give these customers value Organizations must be careful not to define their business too narrowly or too broadly If they do they may lose sight of who their customers are and how to best serve themThe mission After defining its business an organization can take steps to define its mission A mission is a statement of an organizations scope that often identifies its customers markets products technology and valuesOrganizational CultureWhether its corporate business or functional level organizational culture exists in the unit which is a set of values ideas and attitudes that is learned and shared among the members of the organizationGoals Goals exist at the corporate business and functional levels All lowerlevel goals must contribute to achieving the goals at the next higher level Firms can pursue several different types of goals such as profit sales revenue market share unit sales quality customer satisfaction employee welfare and social responsibility Page 3 of 40
More Less

Related notes for MKT 100

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.