COMMERCE 2MA3 Chapter Notes - Fall 2018 Chapter 1 - Institute for Operations Research and the Management Sciences, Tim Hortons, Starbucks
20 Sep 2018
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2ma3: chapter 1 - overview of marketing pt. Marketing: a set of (cid:271)usi(cid:374)ess pra(cid:272)ti(cid:272)es desig(cid:374)ed to pla(cid:374) for a(cid:374)d prese(cid:374)t a(cid:374) orga(cid:374)izatio(cid:374)"s products or services in ways that build effective customer relationships. Includes how the product/service will be conceived or designed, how much it should cost, where & how it will be promoted, and how it will get to the customer. Marketing is about satisfying customer needs and wants. Want: the particular way in which a person chooses to satisfy a need, which is shaped by a perso(cid:374)"s k(cid:374)o(cid:449)ledge, (cid:272)ulture, a(cid:374)d perso(cid:374)ality. You are hungry = you need something to eat = you want pizza or salad. Target market: the customer segment or group to whom the firm is interested in selling its products and services (requires market research) Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result.
