Chapter 1 Notes.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 1021A/B
Professor
Kevin Thompson
Semester
Fall

Description
Chapter 1 Notes - A market describes potential consumers who have both the willingness and the ability to by a product - Marketing is the process of planning and managing goods, services, or ideas to meet consumer needs and organizations objectives - Marketing success is rooted in focusing on customers and providing value through goods and services designed to meet customer needs - The challenge is to stay relevant to changing consumer expectations, to craft market programs that meet target market needs, and to distinguish products in the marketplace - The essence of marketing is focusing on the consumer - Customer value is the unique combination of benefits received by targeted consumers that include quality, price, convenience, delivery and both before- sale and after-sale service o Companies must create products that have added value versus competitive offerings o They must reward customers for their loyalty through marketing programs that focus on repeat purchases and incentives to encourage future purchases - A target market is the specific group of existing and potential customers to which marketers direct their marketing efforts - The marketing mix consists of the 4 P’s o Product – Attributes that make up a good, a service, or an idea, including product design, features, colour, packaging, warranty, and service levels o Price – Expected regular retail or sale price for a product o Place – Distribution channels, retail formats, and merchandising used to sell a product o Promotion – communication tools needed to inform consumers about a product including advertising. Public relations, sales promotion, direct response event marketing, and sponsorship, and personal selling - The marketing process consists of o Identifying consumer needs o Managing the marketing mix to meet these needs o Realizing profits or secure revenues or provide services to those in need - Marketers are responsible for bringing profits and revenues into the company - Evolution of
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