Management and Organizational Studies 2320A/B Lecture Notes - Lecture 1: Critical Success Factor, Marketing, Marketing Mix

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

Document Summary

Core aspects of marketing helps create value about satisfying customers needs and wants entails an exchange requires product, price, place and promotion decisions can be performed by both individuals and organizations occurs in many settings. Marketing is about satisfying customer needs and wants understanding and satisfying consumer needs and wants is fundamental to marketing success need: basic necessities, such as food, clothing shelter and safety. Marketing entails an exchange exchange: trade of things of value between buyer and seller so that each is better off as a result. Marketing traditionally has been divided into a set of four interrelated decisions known as the: marketing mix or four p"s. Marketing mix (4p"s): product, place, price and promotion: the controllable set of activities that a firm uses to respond to the wants of its target markets. Product: creating value fundamental purpose of marketing is to create value by developing a variety of offerings, including goods and services, ideas to satisfy consumer needs.