Management and Organizational Studies 1021A/B Final: MOS 1021 – EXAM PACKAGE - Lecture & Textbook Notes.docx

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: P

Document Summary

Generating profit by focusing on customers and providing them with value through goods and services that meet their needs. A practical application of psychology, sociology, economics, and communications. The essence of marketing: target customers: focus on consumer needs, create consumer value, appealing to target marketing, coordinate the marketing mix, customer value. Unique combination of benefits received by buyers. Includes quality, price, convenience, delivery, service before and after the sale ex. But bmw as communication device about that car. Different customers will get different types of value from the same product/service. A single product will not satisfy everyone: target market: the specific group of existing and potential customers we will focus our marketing on, the 4 p"s: product, price, place, & promotion ex. Product can refer to a good, service, or idea. Good something tangible you can touch and feel (i. e. smartphone) Service intangible (i. e. wireless provider for your phone)