MKT 100 Lecture Notes - Lecture 1: Marketing Mix, Marketing, Supply Chain

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

Document Summary

American marketing association, 2007 (cid:498)marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others(cid:499) philip kotler. Persons, goods, experiences, events, properties, organizations, information, ideas. A need is when a person feels deprived of the basic necessities of life (i. e. food, clothing, shelter, or 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. Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result, sellers give customers goods/services and communication/delivery, in exchange for money/information. Marketing requires product, price, place, and promotion decisions: Marketing mix (four ps): product, price, place, and promotion the controllable set of activities that a firm uses to respond to the wants of its target markets.