MKT 100 Chapter Notes - Chapter 1: Retail, Marketing Plan, Marketing Mix

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

Document Summary

Lo1 define marketing and explain its coreconcepts lo1 define marketing and explain its core concepts. In definition form, 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. marketing strives to create value in many ways. If marketers are to succeed, their customers must believe that the firm"s products and services are valuable; that is, the products and services are worth more to the customers than they cost. Marketers also enhance the value of products and services through various forms of communication, such as advertising and personal selling. Through communications, marketers educate and inform customers about the benefits of their products and services and thereby increase their perceived value. Marketers facilitate the delivery of value by making sure the right products and services are available when, where, and in the quantities their customers want.