Management and Organizational Studies 2320A/B- Final Exam Guide - Comprehensive Notes for the exam ( 24 pages long!)

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Alex Mc Dougall

Document Summary

Customer need and wants: need: person feels deprived of the basic necessities of life, such as food, clothing, shelter, or safety, want: particular way in which a person chooses to fulfill his or her need. Marketing entails an exchange: exchange: the trade of things of value between the buyer and seller so that each is better off as a result. Marketing requires marketing mix decision: marketi(cid:374)g (cid:373)ix or four p"s: product, price, place, promotion. Controllable set of activities a firm uses to respond to the wants of its target markets. Ideas: thoughts, opinions, philosophies, and intellectual concepts that can be marketed. Price: transacting value: price: overall sacrifice a consumer is willing to make- money, time, energy- to acquire a specific product or service. Informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response. &treat four p"s as a (cid:449)hole rather tha(cid:374) (cid:272)o(cid:373)po(cid:374)e(cid:374)ts.