Management and Organizational Studies 2320A/B Chapter Notes - Chapter 1: Retail, Pro Forma, Costco

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Gail Leizerovici

Document Summary

Marketing: a set of business practices designed to plan for and present an organizations product or services in ways that build effective customer relationships. Marketing plan: a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 5 p"s, action programs and projected (pro forma) income statements. Marketing activities for a specific period of time. Marketers must address the ethical implication of their actions on society. Value: the fundamental purpose of marketing is to create value for both the firm and customer. What you get for what you give up. It is very subjective (in the eye of the beholder) Marketing is about satisfying customer wants and needs. Marketing requires product, price, place and promotion decisions. Marketing can be performed by both individuals and organizations. Marketing is about satisfying customer needs and wants. Need: feeling physically deprived of a basic necessity.