MKT 100 Chapter Notes - Chapter 1: Cyrus Mccormick, Corporate Social Responsibility, Marketing

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Mary Foster

Document Summary

Mccormick(understanding the importance of mkt"ing processes as well as product innovation) Is a set of business practices designed to plan for and present an organization"s products and services in ways that build effective customer relationships. Is about creating value for consumers and the company"s shareholders. Core aspects : is about satisfying the customers needs and wants of the target market (eg. crest: entails an exchange (eg. itunes, requires product, price, place & promotion decisions. 4ps/marketing mix: can be performed by both individuals & organizations *, occurs in many settings (both profit/non-profit entities, dev. economies, entire industries, helps create value (eg. 4 mkt"ing orientations that are product, sales, market, value-based) *** Product: creating value (by developing a variety of offerings such as goods, services, and ideas to satisfy customer needs) Price: transacting value (everything the buyer gives up--money, time, energy-- in exchange for the product)