MKT 100 Chapter 1: Introduction

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Kathryn Newton

Document Summary

It is broken down into various components: how the product/service will be conceived or designed, how much it should cost, where and how it will be promoted, how it will get to the consumer. Following this, they create a marketing strategy that targets those groups. Marketing entails an exchange: an exchange is a trade of things of value between a buyer and a seller so that each is better off as a result. It is simply not just an exchange of money and product between buyer and seller. Can be an exchange of information for convenience: e. g. Apple takes their customers information in order to facilitate future exchanges and solidify their relationship with the customers (through the means of recommendations, personalized products, etc. ) Marketing requires product, price, place and promotion decisions: marketing has traditionally been divided into a set of four interrelated decisions and consequent actions known as the marketing mix.