MKT 100 Chapter Notes - Chapter 1: Retail, Marketing, Sales Promotion

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Published on 16 Apr 2013
Ryerson University
MKT 100
Chapter One: Overview of Marketing
September 5, 2012
Key Terms
B2B (Business-to-Business): The process of selling merchandise or services from
one business to another.
B2C (Business-to-Consumer): The process in which businesses sell to consumers.
C2C (Consumer-to-Consumer): The process in which consumers sell to other
Customer Relationship Management: A business philosophy and set of strategies,
programs, and systems that focus on identifying and building loyalty among the
firm’s most-valued customers.
Exchange: The trade of things of value between the buyer and the seller so that
each is better off as a result.
Goods: Items that can be physically touched.
Ideas: Include thoughts, opinions, philosophies, and intellectual concepts.
Market: Refers to the groups of people who need or want a company’s products or
services and have the ability to buy them.
Marketing: A set of business practices designed to plan for and present an
organization’s products or services in ways that build effective customer
Marketing Mix: Product, Price, Place, and Promotion the controllable set of
activities that a firm uses to respond to the wants of its target markets.
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 4 Ps, action programs, and projected or pro
forma income (and other financial) statements.
Need: A person’s feeling physiologically deprived of basic necessities, such as food,
clothing, shelter, and safety.
Price: The overall sacrifice a consumer is willing to make money, time, energy to
acquire a specific product or service.
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Relational Orientation: A method of building a relationship with customers based
on the philosophy that buyers and sellers should develop a long-term relationship.
Services: Intangible customer benefits that are produced by people or machines
and cannot be separated from the producer.
Social Media: The use of internet tools to easily and quickly create and share
content to foster dialogue, social relationships, and personal identities.
Supply Chain: The group of firms and set of techniques and approaches firms use to
make and deliver a given set of goods and services.
Target Market: The customer segment or group to whom the firm is interested in
selling its products and services.
Transactional Orientation: Regards the buyer-seller relationship as a series of
individual transactions, so anything that happened before or after the transaction is
of little importance.
Value: Reflects the relationship of benefits to costs, or what the consumer gets for
what they give.
Value-Based Marketing: Focuses on providing customers with benefits that far
exceed the cost (money, time, effort) of acquiring and using a product or service
while providing a reasonable return to the firm.
Want: The particular way in which a person chooses to satisfy a need, which is
shaped by a person’s knowledge, culture, and personality.
What is Marketing?
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