MKT 100 Lecture Notes - Lecture 1: Institute For Operations Research And The Management Sciences, Marketing, Marketing Mix

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

Document Summary

Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships o. Exchanging something of value that satisfies a need. Buyer and the seller should be satisfied with the value they obtained from a transaction. Marketing plan: specifies a firm"s marketing activities for a specific period of time o o. Analyzes the current marketing situation (swot), marketing objectives and strategy for the four ps (product, price, place, promotion), action programs, and projected financial statements. How the product/service will be conceived or designed. Satisfying customer needs/wants marketing success food, clothing, shelter, or safety. Understanding and satisfying consumer needs and wants is fundamental to. Need: when a person feels deprived of the basic necessities of life, such as. Want: particular way in which the person chooses to fulfill his/her need shaped by a person"s knowledge, culture, and personality o.