Management and Organizational Studies 2320A/B Midterm: 2320Midterm.docx

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

Document Summary

Marketing: is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return. The marketing process: create value for customers and build customer relationships. Understanding the marketplace and customer needs and wants. Construct an integrated marketing program that delivers superior value. Capture value from customers to create profits and customer equity. Wants: the form human needs take as shaped by culture and individual personality. Demands: wants which are backed by buying power. Market offerings: are some combination of products, services, or experiences offered to a market to satisfy a needs or want (physical products and services) Marketing myopia: is focusing only on existing wants and losing sight of underlying customer needs. Marketers must set the right level of expectations, not too high or low to create customer value and satisfaction. Exchange: is the act of obtaining a desired object from someone by offering something in return.