Management and Organizational Studies 1021A/B Lecture Notes - Lecture 5: Tim Hortons, Marketing, Target Market

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

Document Summary

Lecture 5 - intro to marketing and the marketing. Marketing - the process of planning and managing goods, services, or ideas to meet consumer needs and organizational objectives. Consumer behaviour - actions a person takes when purchasing and using products and services. Looks at the psychology of what we buy and why we buy what we buy. The success of marketing depends on meeting customer needs and providing customer value. Marketers" ultimate objective is to drive profits or generate revenue - advertising is only a small piece of this objective. Needs: states of felt deprivation, including physical (e. g. , food, safety), social (e. g. , belonging), and individual (e. g. , self-expression) needs. E. g. , need food, but want a tim hortons bagel. Could be physical needs, and social needs, individual needs. Customer value = benefits received by targeted buyers, including quality, price, convenience, delivery, before/after sale service. Walmart strives to provide customer value by being low price.