Management and Organizational Studies 1021A/B Chapter 1: Chapter 1 - Marketing Fundamentals Textbook Notes

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: James O' Brien

Document Summary

Focusing on customer needs: y successful marketing programs focus on consumer needs and try to develop programs that delight the consumer and encourage customer loyalty. consumers don"t always know what they want. consumers are unable to communicate and rationalize their preferred choices. Customer value - the unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and both before-sale and after-sale service. Target market - the specific group of existing and potential consumers to which a marketer targets its marketing efforts. Marketing mix - the 4 ps - product, price, place, and promotion. product: all attributes that make up a good, a service, or an idea, including product design, features, colour, packaging, warranty, and service levels. price: the expected retail shelf price and sale price of the product. place: the distribution channels and retailers required to sell the product.