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

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Marketing: a set of business practices designed to plan for an present an organization"s products or services in ways that build effective customer relationships. Firms develop a marketing plan: a written document composed of an analysis of the current marketing situation, opportunities & threats for the firm, marketing objectives and strategy specified in terms of the 4ps. Marketing requires product, price, place, and promotion decisions 5. Marketing can be performed by both individuals and organizations 6. Need: basic necessities (food, clothing, shelter, and safety. Want: the particular way a person chooses to satisfy a need. A company must first identify the market: the groups of people who need/want a company"s products and have the ability and willingness to buy them. Not everyone can afford/willing to pay for certain product; therefore, marketers focus on target market: the consumers who has an interest and can afford it.