Management and Organizational Studies 1021A/B Lecture Notes - Lecture 5: Monopolistic Competition, Starbucks, Disposable And Discretionary Income

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

Document Summary

Introduction to marketing and the marketing environment consumer needs and organizational objectives services. Marketing: the process of planning and managing goods, services, or ideas to meet. Consumer behaviour: the actions a person takes when purchasing and using products and. Go through a thought process whenever making a purchase - kinder egg example. Many situation in uences acting upon us (do we have money) Advertising is a very small piece of marketing. The success of marketing depends on meeting customer needs and providing customer value. Marketers"s ultimate objective is to drive pro ts or generate revenue. Customer needs is when you feel like you are lacking something. More in uential in very large purchases colours, packaging. Expected regular retail or sale price for a product. Can price things too low to where consumers back away. Ensuring the price ts with target group. Distribution channels (retail vs. wholesale vs. online) Retail formats, and merchandising used to sell a product.