MKT 100 Study Guide - Midterm Guide: Marketing, Marketing Mix, Truism

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Marketing exchange: sellers provide products or services, sellers communicate and facilitate delivery, buyers complete the exchange by giving money and information to the seller. Also to influence their opinions or elicit a response (communication value) The four orientations of marketing: value-based orientation - share information, balance benefits and costs, and build customer relationships, market orientation, product orientation, sales orientation. Supply chain: raw materials supplier -> manufacturer -> distributor -> customer. Marketing strategy: a firm"s target market (s, a related marketing mix the four p"s and the bases upon which the firm plans to build a sustainable competitive advantage. Sustainable competitive advantage something the firm can consistently do better than its competitors. Market segment - a group of consumers who respond similarly to a firm"s marketing efforts. Macroenvironmental factors: culture the challenge for marketers is to have products/services identifiable & relevant to a particular group of people (two types country culture and regional.