MKT 100 Chapter Notes - Chapter 1: Institute For Operations Research And The Management Sciences, Supply Chain, Root Mean Square

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Daryl D' Souza

Document Summary

Marketing: 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 plan: written document composed of analysis of the current marketing situation, opportunities, and threats for the rm, marketing objective and strategy speci ed in terms of the four p"s. Target market: the customer segments or group to whom the rm is interested in selling its products of services. Exchange: the trade of things between the buyer and the seller to that each is better off as a result. Marketing can be performed by both individuals and organizations. Marketing requires product, price, place, and promotion decisions. Marketing is about satisfying customer needs and wants. Product: one main purpose is to create value by developing a variety of offerings, including goods, services, and ideas to satisfy customer needs.