Management and Organizational Studies 1021A/B Chapter Notes - Chapter 1: Topnotch, Marketing Mix, Target Market

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Sarah Ross

Document Summary

Marketing"s ultimate goal drive profits for a company (or revenue for a non-profit charity) The essence of successful marketing: research cannot always provide clarity on what consumers want, digital world adds complexity to market research (easier to find research, but different communication platforms make it difficult to comprehend data) Example: travel websites replace travel agents nowadays: they can provide hotel prices, travel options, flight info, reviews etc. Customer value is created by: product design, pricing strategies (ex. Walmart focuses on lowest prices: service elements (ex. Target market the specific group of existing and potential consumers to which marketers direct their marketing efforts to. Target market vs. market: market is consumers who have willingness and ability to buy a product, ex. Kid"s toy market: adults with young children, target market: children. Marketing mix the 4 ps (product, price, place, and promotion) Info about target markets usually clarified by market research and metrics on consumer behaviour.