MKT 100 Chapter Notes - Chapter 1: Marketing, Marketing Mix, Marketing Plan

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

Document Summary

Marketing is a set of business practices designed to plan for and present an organizations products and services in a way that builds effective customer relationships. Marketing plan specifies the marketing activities for a specific period of time. Product orientation: product oriented companies focus on developing and distributing innovative products with little concern about whether the products best satisfy needs. Sales orientation: view marketing as a selling function where companies try to sell as many of their products as possible rather than focus on making products consumers really want. Market orientation: focusing on what consumers want and need before they design, make or attempt to sell their products or services. Value-based orientation: implement strategies according to what their customers value. Value reflects the relationship of benefits to cost. Marketing is about satisfying customer needs and wants. necessities of life. Need when a person feels deprived of the basic. Want how people decide to satisfy the need.