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Law and Business
LAW 122
Sari Graben

Marketing Notes Table of Contents 1 Chapter 1 Terms Marketing: a set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships Marketing Plan: A 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 proforma income (and other financial) statements Need: A person feeling physiologically deprived of basic necessities, such as food, water, clothing, shelter and safety Want: The particular way in which a person chooses to satisfy a need, which is shaped by a person’s culture, knowledge & personality. Market: Refers to the groups of people who need or want a company’s products or services and have the ability & willingness to buy them. Target Market: The customer segment or group to whom the firm is interested in selling its products and services Exchange: The trade of things of value between a buyer & seller so that each is better off Marketing Mix (Four P’s): Product, Price, Place, Promotion: The controllable set of activities that a firm uses to respond to the wants of its target market Goods: Items that can be physically touched (:P what about virtual goods :P?) Services: Intangible customer benefits that are produced by people or machines and cannot be separated from the producer 2 Ideas: Include thoughts, opinions, philosophies & intellectual concepts Price: The overall sacrifice a consumer is willing to make – time, money, energy – to acquire a specific good or service B2C – Business to Consumer: (selling shit to consumers from businesses…) B2B – Business to Business: (Selling shit to businesses from businesses…) Social Media: The use of internet tools to easily and quickly create and share content to foster dialogue, social relationships and personal identities Value: Reflects the relationship of benefits to costs or what the consumer gives up for what he or she gets Value-Based Marketing: focuses on providing a consumer with far more benefits (time, money, effort) than cost, while still providing a reasonable return to the firm Transactional Orientation: Regards the buyer-seller relationship as a series of individual transactions such that past transactions are of little importance Relational Orientation: A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long0term relationship Customer Relationship Management: A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty with the firm’s most valued customers Supply chain: The group of firms and set of technique and approaches a firm uses to make and deliver a given set of goods and services.
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