[MKT 100] - Final Exam Guide - Everything you need to know! (51 pages long)

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Marketing is a set of business practices designed to plan for and present an organization"s products/services in ways that build effective customer relationships. Firms develop a marketing plan, which is a written document composed of an analysis of the current marketing situations, opportunities or threats for the firm and marketing objectives. The marketing plan is broken down into different components. How the product/service will be conceived or designed. The core aspects of marketing are the following: 1 marketing is about satisfying customers" needs and wants. A need is a basic necessity, such as food, water, shelter, safety . A want is the particular way a person chooses to satisfy a need. A market refers to a group of people who want or need a company"s product/service and have the ability and willingness to buy it. Exchange is the trade of things of value between a buyer and a seller so that each is better off as a result.