Management and Organizational Studies 1021A/B Lecture Notes - Lecture 5: Product Differentiation, Marketing Mix, Unit

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

Document Summary

Unit 5: introduction to marketing & the marketing. The marketing process: series of marketing decision and actions intended to address marketing goals, maximize customer value, carried out continuously. Promotion: controllable factors that inform an organization marketing strategy, influence customers decision to buy a product. Product: finalize what product to market, include important features, establish product design, packaging, labelling an warranty, product differentiation n is important. Price: determine price of product, fair and competitive but capable of generating profits, influenced by; cost of manufacturing, cost of distribution, cost of promotion desired, profit level, competition, desirability. Place (distribution strategy): how product or service gets to customers, channel by which product or service sold (online, in-store, breath of distribution (how widely stocked/sold will it be) Hard sell: aggressive sales technique that uses direct and forceful messaging, large volume of product information shared, sense of urgency designed to promote immediate purchase, may be seen as manipulative and overwhelming.