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Chapter 1

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


Department
Marketing
Course Code
MKT 100
Professor
Fathima Saleem
Chapter
1

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Chapter 1: Overview of Marketing
What is Markeng?
Markeng: A set of business pracces designed to plan for an present an organizaon’s
products or services in ways that build eecve customer relaonships
Firms develop a markeng plan: a wrien document composed of an analysis of the
current markeng situaon, opportunies & threats for the !rm, markeng objecves
and strategy speci!ed in terms of the 4Ps
The 6 Core Aspects of Markeng: 1. Markeng helps create value 2. Markeng is about
sasfying customer needs/wants 3. Markeng involves an exchange 4. Markeng
requires product, price, place, and promoon decisions 5. Markeng can be performed
by both individuals and organizaons 6. Markeng occurs in many se0ngs
Markeng is About Sasfying Customer
Fundamental to markeng success
Need: basic necessies (food, clothing, shelter, and safety
Want: the parcular way a person chooses to sasfy a need
A company must !rst idenfy the market: the groups of people who need/want a
companys products and have the ability and willingness to buy them
Not everyone can aord/willing to pay for certain product; therefore, marketers
focus on target market: the consumers who has an interest AND can aord it
Markeng Entails an Exchange
Exchange: the trade of things of value between the buyer and the seller so that
each is beer o
Markeng Requires Markeng Mix Decisions
Markeng is divided into 4 decisions known as the markeng mix (4Ps): Product,
price, place, ad promoon- the controllable set of acvies that a !rm uses to
respond to the wants of its target markets
1. Product: Creang Value
The fundamental purpose of markeng is to create value, by developing a variety
of oerings, including goods (custom design), services (ATM), and ideas to sasfy
customer needs (Bike-safety)
2. Price: Transacng Value
Marketers must determine the price (the overall sacri!ce a consumer is willing to
make-money, me, energy- to acquire a speci!c product) of a product on the
basis of the potenal buyers belief about its value
3. Place: Delivering Value
Describes the acvies necessary to get the product from the manufacturer to
the right customer when the customer wants it
4. Promoon: Communicang Value
Communicaon by a marketer that informs, persuades and reminds buyers
Markeng Can Be Performed by Both Individuals and Organizaons
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