COMMERCE 2MA3 Chapter Notes - Chapter 1: Marketing Channel, Retail, Ron Joyce

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Bharat L Sud

Document Summary

Marketing plan: a written document analyzing the current marketing situation (swot). Marketing is about satisfying customer needs and wants: Need: is when a person feels deprived of the basic necessities of life, such as food, clothing, shelter, or 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. To identify a customer wants and needs, the company must first identify the customers or the market for its product or service. Market: refers to the groups of people who need or want a company"s products or services and have the ability and willingness to buy them. The market can be segmented or divided into groups of people who are pertinent to an organization for particular reasons: example: pepsi co they must segment the market accordingly. Those who want diet pepsi, regular pepsi, or caffeine free pepsi. It also depends on the health consciousness of the users.