Management and Organizational Studies 2320A/B Study Guide - Midterm Guide: Marketing Myopia, Retail, Marketing

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

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 service relationships. Value is the regard is held to reserve and it is how consumer feel that a product or service would benefit them. Marketing helps to create this through their products and services by making sure that they are offering things that their consumers will value enough to purchase. A need is a basic necessity such as food, clothing, shelter. A want is the particular way in which someone choses to fulfil that needs, which is shaped by a person"s knowledge, culture, and personality. The difference between them is that a need is absolutely essential, but there are many ways that this need could be met, but is would not necessarily be wanted by everyone. A want is different for different people which would indicate a need for different marketing strategies for wants.