Management and Organizational Studies 2320A/B Chapter : Textbook notes for Marketing.docx

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

Document Summary

Marketing is essentially about creating value for consumers and the company"s shareholders. It specifies the marketing activities for a specific period of time. The marketing plan is broken down into various components. Exhibit 1. 1 marketing: occurs in many settings, helps create value, is about satisfying customer needs and wants, entails an exchange, requires product, price, place and promotion decisions and can be performed by both individuals and organizations. Marketing is about satisfying customer needs and wants. Understanding and satisfying consumer needs and wants is fundamental to marketing success. A need is when a person feels physiologically deprived of the basic necessities of life, such as food, clothing, shelter, or safety. A want is the particular way in which the person chooses to fulfill his or her need, which is shaped by a person"s knowledge, culture, and personality. To understand customer needs and wants, the company must first identify the customers or market for its product or service.