MKT 100 Lecture 1: Lecture 01 - Overview of Marketing

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: All

Document Summary

Branches off into many different things product, price, distribution, advertising, target market, environment, research, and selling. A set of business practices designed to plan for and present an organization"s products/ services in ways that build effective customer relationships. (cma 2007) The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (ama 2013) The exchange can occur between any two parties. Not simply a beer and seller exchanging money for a good or service. Such as business to consumer (b2c), business to business (b2b), or consumer to consumer (c2c) Each party is giving up something in value either a product, service, money, time, energy, etc. The fundamental purpose of marketing is to create value for both the rm and customer. Value is in essence what you get for what you give up (value = bene ts - cost)