Management and Organizational Studies 1021A/B Lecture 5: MOS 1021- Lecture 5 Notes

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Sarah Ross

Document Summary

Marketing: the process of planning and managing goods, services, or ideas to meet consumer needs and organizational objectives. Marketing includes creation of a product, design, and advertising of a product. The marketing process involves: identifying consumer needs, managing the marketing mix to meet these needs, realizing profits, or in the case of non-profits, securing revenue support in the case of non-profits. Exchange: the trade of things of value between buyers and sellers that each benefits. Consumer behaviour: the actions a person takes when purchasing and using products and services. Consumer behaviour is a person"s thought process while buying a product. The success of marketing depends on meeting customer needs and providing customer value. Marketers" ultimate objective is to drive profits or generate revenue advertising is only a small piece of this objective. Needs: states of felt deprivation, including physical (e. g. , food, safety), social (e. g. , belonging), and individual (e. g. , self-expression) needs. Example: need food, but want a tim hortons bagel.