Management and Organizational Studies 1021A/B Lecture 5: Introduction to Marketing

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

Document Summary

Marketing: the process of planning and managing goods, services, or ideas that meet consumer needs and organizational objectives. Consumer behaviour: the actions a person takes when purchasing and using products and services. Looks at the psychology of what we buy and why we buy: meeting customer needs, providing customer value. Customer value: benefits received by physical, social and individual needs targeted buyers, including quality, price, i. e. food/safety, belonging, self- expression. Ultimate objective is to drive profits or i. e. need food, but want a tim hortons generate revenue bagel. Advertising is only a small piece of this objective. Target market: the specific group of existing and potential consumers to which marketers direct their marketing efforts. Goal is to ensure that each element of the marketing mix appeals to characteristics of target group. Marketing mix: the 4 ps product, price, place, promotion. Product: encompasses a good, a service, or an idea. Good a product you can touch and own.