MKT 100 Study Guide - Midterm Guide: Target Market, Voice Of The Customer, Competitive Advantage

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Helene Moore

Document Summary

Marketing creates value for everyone in the society and should benefit everyone. Marketer gets attention of a prospect by understanding their needs. Marketer tries to convert the prospect to buy their goods or services: all countries are interrelated. If something happens in china, we get affected. Key customer market: global market, consumer markets, business markets, b2b marketing, government markets, govt. outsource services from small markets. Need, wants and demands: need: life"s necessities, want: it is a desire, demands: purchasing power. Offerings and brands: branding: consistency of the brand. If you trust the brand, you would go back based on their consistent quality services. Value and satisfaction: value: giving value to a customer, not just cheaper price. Company must first identify the customers or market for its product or service. Marketers divide the market into subgroups or segments of people to whom they are interested in marketing their products.