MKT 100 Lecture Notes - Lecture 1: New Product Development, Disposable And Discretionary Income, Kijiji

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Taylor Blackwood

Document Summary

A set of business practices designed to plan for and present an organizations product or services in ways that build effective customer relationships. Core aspects: satisfies customer needs and wants. Need basic necessities such as food, clothing, shelter and safety. Want- particular way in which a person chooses to satisfy the need which is shaped by the person"s knowledge culture and personality. Exchange can occur between any two parties. Not simply a buyer and seller exchanging money for good or service. Can be an exchange of information for convenience: requires product, price, place and promotion decisions. Product creating value (product/service, brand, size, quality, features, packaging, warranty) Promotion communicating value (advertising, sales promotion, personal selling, direct marketing etc. ) Price transacting value (list price, discounts, allowances, costs, payment period, credit terms) Place delivering value (marketing channels, distribution intensity, locations;retailers and online, supply chain, logistics) Marketing channels to move product from manufacturer to consumer: can be performed by both individuals and organizations.