Textbook Notes (368,280)
Canada (161,762)
MCS 1000 (215)
Chapter 1

summary of chapter 1

4 Pages
Unlock Document

Marketing and Consumer Studies
MCS 1000
Saba Safdar

Marketing MCS 1000 Chapter 1 notes Marketing Marketing is the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers partners and societyMarketing is carried out by groups of people in companies and organizations that are responsible for thinking about customers developing products for customers serving them and communicating with them Marketers have two main jobs attracting new customers and to maintain good relations with pass customersHBC is Canadas oldest corporation and largest retailerIt is not only profit companies who advertise but its also non profit organizations such as Princess Margaret hospital and such Four Ps of marketing price place promotion and product Consumers goals are to get the best deal for their money and time which they can find through marketing tactics The marketing process is a fivestep model that marketers useIn the first fours steps the companies work to understand customers create customer value and build strong customer relationships The final steps consist creating rewards for their customers By creating values for their customers the value is then returned to them from sales profits and longterm customer equity Figure 11 page 4Needs States of felt Wants The form needs take as they are shaped by culture and personalityDemands Wants that are backed by buying powerWhen our basic needs drive our minds to create specific wants that are backed by buying power they become demands We as consumers demand products and services that provide us with value that we believe will satisfy our wantsMarketers need to understand their customers needs wants and demands They do consumers research and analysis to really get a feel of what the consumers want An example being when executives from Southwest Airlines spend a day handling bags checking in passengers or serving flight attendants or at Walt Disney World where at least once in their careers managers spend a day touring the park in Mickey Minnie or Goody costumesMarket offerings Any combination of products services information or experiences offered to a market for sale use or consumptionThis is how the needs wants and demands are fulfilledThere is a difference between selling and marketing Selling focuses on the needs of the seller and by extension responds only to the market demand for the product Marketing focuses on the needs of the customer and responds to the needs and wants
More Less

Related notes for MCS 1000

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.