Chapter 1 - Marketing Fundamentals Textbook Notes

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Western University
Management and Organizational Studies
Management and Organizational Studies 1021A/B
James O' Brien

Chapter 1Marketing Fundamentals y Marketing success is rooted in focusing on consumers and providing them with value through products and services that meet their needs y it is important to understand that marketers ultimate objectives are to realize a profit or if working in nonprofit sector to generate revenue to fund their programs and run their operations 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 Challenges of this areconsumers dont always know what they wantconsumers are unable to communicate and rationalize their preferred choices Customer valuethe unique combination of benefits received by targeted buyers that includes quality price convenience ontime delivery and both beforesale and aftersale service Target marketthe specific group of existing and potential consumers to which a marketer targets its marketing efforts Marketing mixthe 4 Ps
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