MKT 100 Study Guide - Midterm Guide: Direct Marketing, Customer Relationship Management, Sales Promotion

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Martin Pyle

Document Summary

Marketing: set of business practices designed to plan for and preset an organizations products and services for effective customer relationships. Marketing core aspects: satisfying customer needs and wants. Need: basic necessity of life (hunger social interaction) Want: a particular way in which the person chooses to ful ll his/her needs shaped by a person"s knowledge, culture, personality (impress someone, family setting, cost) Buyer exchanging money for good/service requires product, price, place and promotion. Product(creating value) {goods; services; ideas} brand; size; quality; features; packaging; warranty. Price (transacting value) {time; money; energy} discounts; allowances; costs; payment period; credit terms. Place (delivering value) marketing channels; distribution intensity; locations; retailers; online; supply chain; logistics. Promotion (communicating value) {inform; persuade; potential buyers} advertising; sales promotion; personal setting; public relations direct marketing; electronic media: can be performed by both individuals and organizations. Consumer to consumer = swap meets; ebay; yard sales: occurs in many settings.