Management and Organizational Studies 1021A/B Lecture Notes - Lecture 5: Marketing Mix, Monopolistic Competition, Level Of Measurement

• 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. Consumer behaviour the actions a person takes when purchasing and using products and services. Information search: problem recognition, evaluation of alternatives, purchase decision, post-purchase behaviour. Situational influences: you"re (cid:373)ore likely to (cid:271)uy stuff (cid:449)he(cid:374) you"re alo(cid:374)e, clean and well-lit locations have an impact on your purchases. Consumer needs: physical food, safety, social belonging. Customer value: price, quality, convenience, delivery, before/after sale service. Target markets: focus on the specific group that is most likely to purchase the product, goal is to ensure that each element of the marketing mix appeals to the characteristic of the target group. Marketing mix the 4 ps, product price place and promotion. Products: goods a product that you can touch and own, service a produ(cid:272)t that is i(cid:374)ta(cid:374)gi(cid:271)le, that you (cid:272)a(cid:374)"t tou(cid:272)h. Market potential consumers who are willing and able to buy a product.