MKT 100 Lecture Notes - Lecture 1: Critical Success Factor, Marketing

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Mkt 100 lecture 1, building value. Build and maintain a loyal customer base. Instagram sold to facebook for billion. 80 percent of future profits come from 20 percent of existing customers. Hermes sells bags ranging from ,000 upwards. You pay significantly more for an apple product. Because that"s where they get their money from. Marketing is a set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships. Brands must first understand what customers need and want: needs: basic necessities, wants: how you satisfy the need. Develop products and services to suit customer needs and wants. Question: needs/wants that you have not found products/services for: marketing is an exchange. Marketing exchange: can occur between any two parties, not simply money for goods, can be exchanged of information for convenience.