MKT 100 Study Guide - Midterm Guide: Core Competency, Fixed Cost, Consumer Protection

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Yanina Chevtchouk

Document Summary

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 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. Data is increasingly accessible in real time. Need to have the right metrics and analytics. Core aspect #1: satisfying customer needs and wants. Begin with understanding what customers need and want. Requires developing products and services that fulfill those unmet needs/wants, or better meet them. A need is when a person feels deprived of the basic necessities of life (e. g. food, clothing, shelter, safety) A want is the particular way in which the person chooses to fulfill his or her need, which is shaped by a person"s knowledge, culture and personality. The exchange can occur between 2 or more parties.