COMMERCE 2MA3 Chapter Notes - Chapter 1: Marketing, Marketing Channel, Marketing Mix

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

Document Summary

The canadian marketing association states that 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. The marketing plan answers: how the product will be conceived or designed, how much it will cost, where and how it will be promoted, and how it will get to the consumer. Marketing is about satisfying customer needs and wants. Understanding and satisfying customer wants and needs is fundamental to marketing. Need is defined as a basic necessity, such as food, clothing, shelter etc. Want is the particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture, and personality. Market refers to groups of people who need or want a company"s products or services and have the ability and willingness to buy them.