MKT 100 Chapter Notes - Chapter 1: Customer Relationship Management, Marketing, Voice Of The Customer

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

Document Summary

Marketing is essentially about creating value for consumers and the company"s shareholders. 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. A marketing plan is 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. The buyer and seller should be satisfied with the value they obtained from a transaction. Marketing is about satisfying customer needs and wants. A need is when a person feels deprived of a basic necessity (food, clothing, shelter, safety) A want is the particular way in which the person chooses to fulfill needs, shaped by knowledge, culture, personality. The market consists of all consumers who need or want a company"s products or services and have the ability and willingness to buy them.