MKT 100 Lecture Notes - Lecture 1: Retail, Marketing, Kijiji

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Anthony Francescucci

Document Summary

Chapter 1: overview of marketing is a set of business practices designed to plan for an present an organizations products or services in ways that build effective customer relationships. Need: basic necessities such as food, clothing, shelter and safety. Want: particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture and personality. Market: refers to the groups of people who need or want a company"s products or services and have the ability and willingness to buy them. Target market: customer segment or group to whom the rm is interested in selling its products and services. The exchange can occur between any two parties. Not simply a buyer and seller exchanging money for a good or service. Exchange: trade of things of value between the buyer and the seller so that each is better off as a result. Core three: marketing requires product, price, place and promotion decisions.