MKT 100 Study Guide - The Oprah Winfrey Show, Strategic Business Unit, Customer Relationship Management

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Joanne Mc Neish

Document Summary

The canadian marketing association states 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. Firms develop a marketing plan that specifies the marketing activities for a specific period of time. The marketing plan is broken down into various components- how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer. In exchange the buyer and seller should be satisfied with the value they obtained from the transaction. Marketing is about satisfying customer needs and wants. Need: a person feeling physiologically deprived of basic necessities, such as food, clothing, shelter, and safety. Want: the particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture and personality.