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ADM 2320 notes

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University of Ottawa

Chapter1WhatismarketingMarketingA set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationshipsMarketing PlanA written document composed of an analysis of the current marketing situation opportunities and threats for the firm marketing objectives and strategy in terms of the four Ps action programs and projected or pro forma income statementsCoreAspectsofMarketingMarketingisAboutSatisfyingCustomerNeedsandWantsNeedoA person feeling physiologically deprived of basic necessities such as food clothing shelter and safetyWantoThe particular way in which a person chooses to satisfy a need which is shaped by a persons knowledge culture and personalityMarketoRefers to the groups of people who need or want a companys products or services and have the ability and willingness to buy themTarget MarketoThe customer segment or group to whom the firm is interested in selling its products and servicesMarketingEntailsValueExchangeExchangeoThe trade of things of value between the buyer and the seller so that each is better off as a resultMarketingRequiresProductPricePlaceandPromotionDecisionsMarketing Mix aka the four PsoProduct Price Place and PromotionThe controllable set of activities that a firm uses to respond to the wants of its target marketsProductCreatingValueOne of the main purposes of a product is to create a value for the consumerie to satisfy a needGoodsoItems that can be physically touchedServicesoIntangible customer benefits that are produced by people or machines and cannot be separated from the producerIdeasoThis includes thoughts opinions philosophies and intellectual conceptsPriceTransactingValuePriceoThe overall sacrifice a consumer is willing to make money time energy to acquire a specific product or servicePlaceDeliveringValueDescribes all the activities necessary to get the product from the manufacturer or producer to the right customer when that customer wants itPromotionCommunicatingValueCommunication by a marketer that informs persuades and reminds potential buyers about a product or service to influence their opinions or elicit a responseValueBasedMarketingFocuses on providing customers with benefits that far exceed the cost of acquiring and using a product or service while providing a reasonable return to the firmTransactional OrientationoRegards the buyerseller relationship as a series of individual transactions so anything that happened before or after the transaction is of little importanceRelational OrientationoA method of building a relationship with customers based on the philosophy that buyers and sellers should develop a longterm relationshipCustomer Relationship ManagementoA business philosophy and set of strategies programs and systems that focus on identifying and building loyalty among the firms most valued customersWhyisMarketingImportantMarketing Expands firms Global PresenceMarketing is Pervasive Across the OrganizationMarketing is Pervasive Across the Supply ChainoSupply ChainThe group of firms and set of techniques and approaches firms use to make and deliver a given set of goods and servicesMarketing Makes Life EasierMarketing Provides Career OpportunitiesMarketing Enriches Society
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