COMM 223 Study Guide - Final Guide: Target Market, Cognitive Dissonance, Environmentalism

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Aida Faber

Document Summary

Formal definition of marketing: it is the activity, set of institutions and processes for creating, delivering and exchanging value to customers, clients, partners and society at large. Demands: having the buying power necessary to purchase the object. Understanding what value and customer satisfaction is. Companies from industry a compete only against each other and not against companies from industry b. Companies from industry a compete against companies from industry b as well. Choosing the target market and the value strategy to be used. Understanding the evolution of marketing management orientations: Production concept: the assumption that customers want to purchase items that are widely available and inexpensive. Manager"s main interests are to increase production efficiency, decrease costs and have mass distribution of products. This concept makes sense when the company wants to drive down the cost of the product and when the demand exceeds the supply.