MKT 100 Chapter Notes - Chapter 1: Business Marketing, Market Orientation, Kijiji

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

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. B2b marketing business to business marketing ex. wholesaling. B2c marketing business to consumer marketing ex. retailing. C2c marketing consumer to consumer marketing ex. 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 builds value. Building relationships: transactional orientation regards the buyer-seller relationship as a series of transactions, rendering events before and after the transaction unimportant, relational orientation philosophy that sellers and buyers should build relationships long- term. A set of strategies, programs and systems that identify and help build and maintain loyalty among a firm"s customers. It creates valuable partnerships with other sectors of a company.