ADM 2320 : Lecture notes.docx

• School: University of Ottawa
• Department: Administration
• Course: ADM 2320
• Professor: Gurprit Kindra

Document Summary

Marketing: a set of business practices designed to plan for and present an organization"s products or services in way that build effective customer relationships. Marketing is about satisfying customer needs and wants. Marketing requires product, price, place, and promotion decisions. Marketing can be performed by both individuals and organizations. Need: a person feeling physiologically deprived of basic necessities, such as food, clothing, shelter, and safety. Want: the particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture, and personality. Market: refers to the groups of people who need or want a company"s products or services and have the ability and willingness to buy them. Target market: the customer segment of group to whom the firm is interested in selling its products and services. Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result.