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Western University
Management and Organizational Studies
Management and Organizational Studies 1021A/B
Christopher Ellis

MOS: Chapter 1 Marketing Fundamentals Marketing Fundamentals:  Give the people what they want  Compete  Profit Business Philosophy: Satisfy customers & organizations goals Make it Sell as many as PRODUCTION SALEpossible MARKETING MARKETING MIX –The 4 P’s : 1. Product – All the attributes that make up a good, a service, or an idea, including product design, features, colour, packaging, warrantee, and service levels 2. Price – The expected retail shelf price and sale price of the product 3. Place – The distribution channels and retailers required to sell the product 4. Promotion – The communication tools needed to inform consumers about the product, including advertising, sales promotion, public relations, direct marketing, and personal selling o Marketers need to understand what makes their consumers tick: What delights them, and what does not MARKETING CAREERS Typical entry-level jobs include: Marketing coordinators, marketing analysts, marketing assistants, sales representatives, and account coordinators; networking is key; HOW? PRINCIPLES: Essence of marketing: 4 Key Things - Focus on consumer needs (market search) - Creating customer value - Appealing to target markets - Coordinating the marketing mix HOW? SPECIFICS: Marketing process 3 Steps: 1. Identify consumer needs 2. Manage marketing mix to meet said needs 3. Realizing profits PLUS 2 explanatory points 1. What can be marketed? 2. What is a market? Evolution of business philosophies: - Product orientation (focus efforts on the manufacture of goods) - Sales orientation (focus efforts on selling as many products as possible) - Marketing orientation (focus efforts to collect and use info about customers’ needs to create customer value) - Relationship marketing orientation ( Evolving areas within marketing (3): - Customer relationship management (focuses on identifying a firm’s most-valued customers and building programs that appeal to their needs while fostering long-term customer relationships and loyalty; the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction) - Experiential marketing (Marketers create opportunities for their consumers to interact directly with a brand; instead of solely relying on media, a brand creates an occasion for a few consumers to interact personally, generating word-of-mouth awareness) - CSR (Organizations voluntarily consider the well-being of society by taking responsibility for how their businesses impact consumers, customers, suppliers, employees, shareholders, communities, the environment, and societies in general) CUSTOMER VALUE – The unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and both before- sale and after-sale service TARGET MARKET – The specific group of existing and potential consumers to which a marketer targets its marketing efforts MARKETING – The pr
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