Management and Organizational Studies 1021A/B Study Guide - Consumer Behaviour, Corporate Social Responsibility, Monopolistic Competition

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: James O' Brien

Document Summary

Successful marketing programs focus on consumer needs and try to develop programs that delight the consumer and encourage customer loyalty. Challenge: clearly determine needs and understand how to meet them with marketing approaches: consumers do not always know what they want, unable to articulate feelings, unable to communicate and rationalize their preferred choices. Research can be difficult: requires insight, results are not clear, risks, certain target groups that are difficult to find or unable to express their thoughts. Creating customer value (the unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and both before-sale and after-sale service: pricing strategies, product design, service elements. Target market: the specific group of existing and potential consumers to which a marketer targets its marketing efforts. Manage the marketing mix to meet consumer needs. Marketing process: a continuous one that requires marketers to pay attention to detail and apply their strategic, analytical, and creative-thinking skills.