Management and Organizational Studies 2320A/B Chapter Notes - Chapter 1: Voice Of The Customer, Marketing Mix, Pro Forma

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

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. Marketing is about satisfying customer needs and wants. Need: a person feeling physiologically deprived of 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. Market: refers to the group of people who need or want a company"s products or services and have the ability and willingness to buy them. Target market: the customer segment or group to whom the firm is interested in selling its products and services. Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result. Marketing requires product, price, place, and promotion decisions.