Management and Organizational Studies 2320A/B Chapter 1-7: Marketing Midterm Readings

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Emily Chen- Bendle

Document Summary

Marketing chapter 1: overview of marketing (lecture 1) Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Good marketing requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on consumers/society in general. Marketing is about satisfying customer needs and wants. Understanding and satisfying the consumer needs and wants is fundamental to marketing success. Need: basic necessities, such as food, clothing, shelter, and safety. Want: the particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture, and personality. Ex. we"re hungry, need something to eat - but some people want a submarine sandwich whereas others want a salad or soup. Market: refers to the groups of people who need or want a company"s products or services an have the ability and willingness to buy them.