Textbook Notes (280,000)
CA (170,000)
Ryerson (10,000)
LAW (900)
LAW 122 (600)

MKT 100 - CH 1,2,3,4,5,6-1.docx

Law and Business
Course Code
LAW 122
Jeffrey Boase

This preview shows pages 1-3. to view the full 16 pages of the document.
Chapter 1: Overview of Marketing
What is Marketing?
Marketing: a set of business practices designed to plan for and present an organizations
products/services in ways that build effective customer relationships.
Marketing plan: written document composed of an analysis of the current marketing
situation, opportunities, and threats for the firm, marketing objectives and strategy
specified in terms of the four Ps, action programs, and projected or pro forma income
(and other financial) statements.
Marketing is about Satisfying Customer Needs and Wants
Need: a person feeling deprived of basic necessities of life, such as food, clothing,
shelter, or safety.
Want: the particular way in which the person chooses his/her life need, which is
shaped by the person’s knowledge, culture and personality.
Market: the group of people who need or want a company’s products/services
and have the ability and willingness to buy them.
Target market: the customer segment or group whom the firm is interested in
selling its product and services.
Marketing entails Value Exchange
Exchange: the trade of things of value between the buyer and the seller so that
each is better off as a result.
Marketing requires Product, Price, Place and Promotion Decisions

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Marketing mix (the four Ps): product, price, place and promotion – the
controllable set of activities that a firm uses to respond to the wants of its target
Product: Creating Value
Goods: items that can be physically touched.
Services: intangible customer benefits that are produced by people or machines
and cannot be separated from the producer.
Ideas: include thoughts, opinions, philosophies, and intellectual concepts.
Price: Transacting Value
Price: the overall sacrifice a consumer is willing to make – money, time, energy –
to acquire a specific product/service.
Place: Delivering Value
Describes all the activities necessary to get the product from the
manufacturer/producer to the right customer when that customer wants it.
Promotion: Communicating Value
Communication by a marketer that informs, persuades, and reminds potential
buyers about a product/service to influence their opinions or elicit a response.
Marketing can be performed by Individuals and Organizations
Business-to-consumer: the process in which businesses sell to consumers.
Business-to-business: the process of selling product/services from one business
to another.
Consumer-to-consumers: the process in which consumers sell to other
Social media: the use of Internet tools to easily and quickly create and share content to
foster dialogue, social relationships, and personal identities.
Marketing occurs in Many Settings

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Hospitals, theatres, charities, museums, religious institutions, politicians, and even
governments rely on marketing to communicate their message.
Marketing helps Create Value
Product orientation: focus on developing and distributing innovative products
with little concern about whether the products best satisfy customers’ needs.
Sales orientation: view marketing as a selling function where companies try to
sell as many products as possible rather than focus on what they want.
Market orientation: focusing on what the consumers want and need before
designing, making or attempting to sell their products/services.
Value-based orientation: value reflects the relationship of benefits to costs, or
what the consumer gets for what they give.
What is Value-Based Marketing?
Value-based marketing: focuses on providing customers with benefits that far exceed
the cost (money, time, effort) of acquiring and using a product/service while providing a
reasonable return to the firm.
Transactional orientation: regards the buyer-seller relationship as a series of individual
transaction; little importance of what happened before or after.
Relationship orientation: method of building a relationship with customers based on the
philosophy that buyers and sellers should develop a long-term relationship.
Customer relationship management (CRM): business philosophy and set of strategies,
programs, and systems that focus on identifying and building loyalty among the firm’s
most valued customers.
Why is Marketing Important?
Expand Global Presence
Pervasive Across the Organization
Pervasive Across Supply Chain (Supply chain: the group of firms and set of
techniques and approaches firms use to make and deliver a given set of
Makes Life Easier
Provide Career Opportunities
Enriches Society
Can be Entrepreneurial
Chapter 2: Developing a Marketing Plan and Marketing Strategies
You're Reading a Preview

Unlock to view full version