Management and Organizational Studies 2320A/B Lecture Notes - Lecture 1: Core Four, Institute For Operations Research And The Management Sciences, Marketing Mix

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

Document Summary

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 effective customer relationships, ama defines marketing as: an organizational function and a set of processes for creating, capturing, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders, marketing is not a random activity, it requires thoughtful planning with an emphasis on the ethical implications of any of these decisions on consumers and society in general, marketing is not just about buyers and sellers exchanging money for goods and services or about making a profit. Marketing"s core aspects: marketing helps create value, marketing is about satisfying customer needs and wants, marketing entails an exchange, marketing requires product, price, place, and promotion decisions, marketing can be performed by both individuals and organizations, marketing occurs in many settings.