Management and Organizational Studies 1021A/B Lecture : MOS 1021 NOTES (CONSUMER B).docx

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

Document Summary

The essence of marketing is discovering consumer insights. Product must be relevant and engaging enough for the consumers to choose your product or service. Promotion - how to attract: public relations, tv advertisement. Shows/celebrities watched by the target market: print-based advertising, online advertising, point-of-sale materials. Success is rooted in focusing on consumers and providing them with value through products and services that meet their needs. Objective: realize a profit, or, if working in the non-profit sector, to generate revenue to fund their programs and run their operations. At times can get wrong information (can ask wrong questions, target market doesn"t know what their want/need is) Is the unique combination of benefits received by targeted buyers that includes quality, price, convenience, on-time delivery, and both before-sake and after-sale service. Achieved after carefully managing every element of marketing mix. On-going marketing encourages consumers to become long-term loyal consumers. Gaining customer loyalty, providing the consumer with value: