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Chapter 1

Marketing Chapter 1 Notes.docx

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Ryerson University
MKT 100
Laila Rohani

Marketing: MKT100 Chapter 1 Notes Ch. 1: Overview of Marketing - Marketing is about creating value for customers - Marketers must understand a customer’s needs and wants - Requires planning with emphasis on ethical implications Marketing is about exchange – trade of things of value between buyer and seller Marketing Mix – The Four P’s Product - creating value Price - transacting value Place - delivering value Promotion – communicating value B2B Marketing – business to business marketing – ex. wholesaling B2C Marketing – business to consumer marketing – ex. retailing C2C Marketing – consumer to consumer marketing – ex. Swapping, trading, Kijiji, etc. Marketing Helps Create Value 1. Product Orientation – firms believe a good product will sell itself 2. Sales Orientation – firms found an answer to over production by focusing on sales 3. Market orientation – firms focus on what customers want 4. Value-based orientation – maintains the market orientation but includes focus on giving greater value than the competition. What is Value-Based Marketing? - Customers make explicit and implicit trade-offs between perceived benefits of a product or service - Value reflects the relationship of benefits to costs - Products that are strong and beneficial to the consumer is what b
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