MKT 100 Lecture Notes - Lecture 2: Operational Excellence, Tim Hortons, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Marketing: the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large. Two or more parties with unsatisfied needs. Desire and ability to satisfy these needs. A way for the parties to communicate. Discovering consumer needs information about needs potential consumers: the market. The 4 p"s : controllable marketing mix. Second task of marketing: satisfying a consumers needs: target market, product, price, promotion, place. Information about needs discover consumer"s needs satisfying them goods, services, and ideas. Firm targets, relates to the 4 p"s, firm plans to build sustainable advantage. Something a firm can consistently do better than its competitors. Loyal customers enable a firm to introduce new products and change price points without the risk of losing them. This is a good place to talk about loyalty programs. Operational excellence is achieved through efficient operations, excellent supply chain management and strong relationships with suppliers.