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Chapter 1

MKT100 CHAPTER 1 NOTES.pdf


Department
Marketing
Course Code
MKT 100
Professor
Mary Foster
Chapter
1

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!"#$%&'()*(+,&',-&.(/0(1#'2&%-34(
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A"set"of"business"practices"designed"to"plan"for"and"present"an"organization's"products"
or"services"in"ways"that"build"effective"customer"relationships."
"
1#'2&%-34($6#35(
;"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"pro"forma"income"(and"other"
financial)"statements."
;"The"marketing"plan"is"broken"down"into"various"components—how"the"product"or"
service"will"be"conceived"or"designed,"how"much"it"should"cost,"where"and"how"it"will"be"
promoted,"and"how"it"will"get"to"the"consumer."
!"Example:"you"should"be"satisfied"or"even"delighted"with"the"song"you"downloaded,"
and"Apple"should"be"satisfied"with"the"amount"of"money"it"received"from"you."
"
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1."Marketing"Is"About"Satisfying"Customer"Needs"and"Wants"
;":&&;:"A"person"feeling"physiologically"deprived"of"basic"necessities,"such"as"food,"
clothing,"shelter,"and"safety."
;"<#3%:"The"particular"way,"in"which"a"person"chooses"to"satisfy"a"need,"which"is"shaped"
by"a"person's"knowledge,"culture,"and"personality."
*To"understand"customer"needs"and"wants,"the"company"must"first"identify"the"
customers"or"market"for"its"product"or"service."
;"1#'2&%5"Refers"to"the"groups"of"people"who"need"or"want"a"company's"products"or"
services"and"have"the"ability"and"willingness"to"buy"them."
*Marketers"divide"the"market"into"subgroups"or"segments"of"people"to"whom"they"are"
interested"in"marketing"their"products,"services,"or"ideas."
;""=#'4&%(>#'2&%:"The"customer"segment"or"group"to"whom"the"firm"is"interested"in"
selling"its"products"and"services."
"
2.!Marketing"Entails"Value"Exchange"
;"?@9"#34&:"The"trade"of"things"of"value"between"the"buyer"and"the"seller"so"that"each"is"
better"off"as"a"result."
*Sellers"provide"goods"or"services,"then"communicate"and"facilitate"the"delivery"of"their"
offering"to"consumers.!Buyers"complete"the"exchange"by"giving"money"and"information"
to"the"seller."
Exchange:"The"Underpinning"of"Seller–Buyer"Relationships"
"
"
3."Marketing"Requires"Product,"Price,"Place,"and"Promotion"Decisions"
*Marketing"traditionally"has"been"divided"into"a"set"of"four"interrelated"decisions"known"
as"the"""marketing"mix,"or"four"Ps:"product,"price,"place,"and"promotion."
;"1#'2&%-34(>-@(A0/B'(C8D:"Product,"price,"place,"and"promotion—the"controllable"set"of"
activities"that"a"firm"uses"to"respond"to"the"wants"of"its"target"markets."
"
"
"
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