Management and Organizational Studies 2320A/B Lecture Notes - Lecture 1: Tim Hortons, Voice Of The Customer, Marketing Mix

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Building value: build and maintain a loyal customer base, distinguish from competitors, how do tim hortons and starbucks do it, strong brand, customer appeal, constantly need to protect brand. What is marketing: marketing is a set of business practices designed to plan for and present an organization"s products or services in ways that build e ective customer relationships. Satisfying customer needs and wants: need: basic necessities, want: how to ful ll that need. Entails a marketing exchange: the exchange can occur between any two parties, not simply a buyer and seller exchanging money for a good or service, can be an exchange of information for convenience. Price: transacting value: price is everything the buyer gives up in exchange for the product, energy, money, time. Promotion: communicating value: the communication activities of marketing, used to inform, persuade, and remind potential buyers, used to in uence their opinions or elicit a response.