Textbook Notes (363,006)
Canada (158,140)
Marketing (881)
MKT 702 (34)
Chapter 1

Chapter 1 – Defining Marketing for the 21st Century

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Ryerson University
MKT 702
Rob Wilson

Wk. 1 – Chapter 1 – Defining Marketing for the 21 Century The importance of marketing  Can inspire enhancements in existing products  Successful marketing builds demands for products and services, in turn creating jobs  Firms must carefully monitor their customers and competitors in this wired world  Continuously improve their value offerings and marketing strategies while satisfying their employees, stockholders, suppliers, and channel partners The scope of marketing What is marketing?  Marketing is about identifying and meeting human and social needs  The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself What is marketed?  Goods  Services  Events  Experiences  Persons  Places  Properties  Organizations  Information  Ideas Who markets?  Marketers seek a response from prospects o Negative demand o Nonexistent demand o Latent demand (consumers may share a strong need that can’t be satisfied by an existing product) o Declining demand o Irregular demand o Full demand o Overfull demand o Unwholesome demand (consumers may be attracted to products that have undesirable social consequences)  Marketplace – physical, such as stores  Marketspace – digital, shopping on internet  Metamarket – cluster of complementary products and services closely related in the minds of consumers, but spread across a diverse set of industries Core marketing concepts Needs, wants, and demands o Markets do not create needs; they influence wants o May promote the idea that a Mercedes would satisfy a person’s need for social status Target markets, positioning, and segmentation Offerings and brands o The intangible value proposition is made physical by an offering o A brand is an offering from a known source Value and satisfaction o Value is a combination of quality, service, and price (qsp), called the customer value triad Marketing channels o Communication channels o Distribution channels o Service channels Marketing environment o Task environment – producing, distributing, and promoting the offering o Broad environment – demographic environment, economic environment, social-cultural environment, natural environment,
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