Management and Organizational Studies 2320A/B Midterm: Marketing for MOS 2320 - Midterm

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Emily Chen- Bendle

Document Summary

Marketing is a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Build & maintain a loyal customer base. Constantly need to protect the brand: marketing is about satisfying customer needs & wants Need: basic necessities - food, clothing, shelter, safety. Want: how to fulfill that need - shaped by a person"s knowledge, culture, and personality: marketing entails an exchange Exchange: trade of things of value between buyer and seller so that each is better off. The exchange can occur between any two parties. Not simply a buyer and seller exchanging money for a good or service. Can be an exchange of information for convenience. Product: creating value - through goods, services, and ideas to satisfy customer needs. Price: transacting value - the overall sacrifice a consumer is willing to make - money, time, and energy - to acquire a specific product or service.