ADM 2320 Study Guide - Midterm Guide: Reverse Auction, Decision Rule, Psychographic

• School: University of Ottawa
• Department: Administration
• Course: ADM 2320
• Professor: All

Document Summary

Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Marketing is about satisfying customer needs and wants. Marketing requires product, place, price, and promotion decisions. It is about satisfying costumer needs and wants. Need: a person feeling psychologically deprived of basic necessities such as food, clothing, shelter, and safety. Want: the particular in which a human chooses to satisfy a need, which is shaped by a person"s knowledge, culture and personality. Market: refers to the group of people to whom an organization is interested in marketing its products, service or ideas. Target market: the customer segment or group to whom the firm is interested in selling its product and services. Potential customers to who have both an interest in the product or service and an ability to buy. Forming strong customer bonds: listen to the voice of the customer, create superior offering, reward outstanding employees.