MCS 1000 Chapter 1: Unit 01 & Chapter 1 Notes

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Advertising is a small element of marketing marketing. Marketing isn"t just about having common sense: effective marketing requires intimate knowledge and understanding consumers and the marketplace, which goes beyond simple common sense. Marketing is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization , its stakeholders , and society at large: customers, shareholder, employees, suppliers, and society all benefit. To serve both buyers and sellers marketing seeks: to discover the needs and wants of prospective customers, satisfy them. Include personal buyers and buyers for an organization. 4 factors required for marketing to occur: two or more parties (individuals or organization) with unsatisfied needs. Someone wants to buy information about computers and tech so they want to buy a computerworld magazine. Nearest bookstore has many of these magazines in stock so there this involved two unmet needs. An example unsatisfied needs including buyer and seller: desire and ability on their part to be satisfied.