MKT 100 Chapter Notes - Chapter 1: Etsy, Toothpaste, Kijiji

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

Document Summary

Marketers must develop and nurture long-term profitable relationships with consumers: They must understand their consumers needs/wants and try to satisfy them through: products they offer, prices, the way they promote their product, the way they deliver their product. Marketing is a set of business practices designed to plan for and present an organizations product in a way that creates and builds profitable and effective customer relations. Good marketing requires thorough planning with an emphasis on ethical implications -> for this, firms develop a marketing plan. Specifies the marketing activities for a specific period of time. Broken down into several components: how the product will be conceived and designed, its cost, where and how it will be promoted, how it will get to the customer. Both parties must be satisfied with what they received from the exchange: you must be satisfied with your product and the seller must be satisfied with what you paid (marketing exchange)