Management and Organizational Studies 1021A/B Study Guide - Final Guide: Starbucks, Ebay, Retail

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Maria Ferraro

Document Summary

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. Marketing is a set of business practices designed to plan for and present an orga(cid:374)izatio(cid:374)(cid:859)s produ(cid:272)ts or ser(cid:448)i(cid:272)es i(cid:374) (cid:449)a(cid:455)s that (cid:271)uild effe(cid:272)ti(cid:448)e customer relationships. Data is increasingly accessible in real time. Need to have the right metrics and analytics. Core aspect #1 satisfying customer needs and wants. Begins with understanding what customers want and need. Requires developing products and services that fulfill those unmet needs/wants, to better meets them. A need is when a person feels deprived of the basic necessities of life (eg. food, clothing, shelter, safety). A want is the particular way in which the person chooses to fulfill his or her need, which is shaped (cid:271)(cid:455) a perso(cid:374)(cid:859)s k(cid:374)o(cid:449)ledge, (cid:272)ulture, a(cid:374)d perso(cid:374)alit(cid:455). The exchange can occur between 2 or more parties.