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

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Steven Chuang

Document Summary

The trade of thing of value between the buyer and the seller so that each is better off as a result. Inform, persuade, and remind potential buyers about a product/service - influence their opinion or elicit a response. Marketing can be performed by individuals and organizations: business-to-consumer: process in which businesses sell to consumers, business-to-business: selling product/services from one business to another, consumer-to-consumer: consumers sell to other consumers. Social media: internet tools can be used to easily/quickly create and share content to foster dialogue, relationships and personal identities. Marketing helps create value: product orientation: focus on developing/distributing innovative products with little concern about whether the products best satisfy customers" needs. Focuses on providing customers with benefits that far exceed the cost (money, time, effort) or acquiring and using a product/service while providing a reasonable return to the firm. Transactional orientation: regards the buyer-seller relationship as a series of individual transaction. Little importance of what happened before or after.