ADM 2320 Chapter Notes - Chapter 1: Target Market, Direct Marketing, Market Orientation

• School: University of Ottawa
• Department: Administration
• Course: ADM 2320
• Professor: All

Document Summary

Core aspects of marketing: satisfying customer needs and wants: Want: the particular way in which a person chooses to satisfy a need, shaped by a person"s knowledge, culture and personality. Market: refers to groups of people who need or want a company"s products or services and have the ability and willingness to buy them. Target market: the customer segment or group that the firm is interested in selling its products and services: entails an exchange: Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result. Company can use information provided to facilitate future exchange and solidify a relationship with you: product price place and promotion decisions. Marketing mix: the controllable set of activities that a firm uses to respond to the wants of its target markets. Product: creating value by developing a variety of offerings including goods, services and ideas to satisfy customer needs.