Management and Organizational Studies 2320A/B Lecture Notes - Lecture 1: Marketing, Moisturizer, Clinique

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Marketing: a set of business practices designed to plan for & present an organization"s products or services in way that build effective customer relationships. It"s something that is constantly occurring & being developed. Firms often want to create relationships with the consumers, to get them to keep coming back & buying their product consistently over time. They do this by distinguishing from competitors. Hungry = need ; blt at tim"s = want. The exchange can occur between any two parties. Not simply a buyer & seller exchanging money for a good/service: marketing extends to fields like politics & the exchange doesn"t always have to do with money (i. e. can be votes, ideas, etc. ) Can be an exchange of information for convenience. Price: everything the buyer gives up in exchange for the product. The price of rent, the time & energy you spent trying to find that apartment that is perfect.

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