MCS 1000 Chapter Notes - Chapter 1: Customer Experience, Market Orientation, Ert3

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Marketing is creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large. Marketing seeks to discover the needs of the consumers to satisfy those needs. For marketing to occur, there must be two or more parties with unsatisfied needs, the desire and ability to satisfy the need, a way to communicate, and something to exchange. A market is people with the desire and ability to buy specific goods. Ultimate consumers are people who use the product for their own satisfaction while organizational buyers generally buy for resale. The organization: organizational leaders are responsible for establishing goals. Environmental forces such as social economic, technological, competitive and regulatory factors. The first objective of marketing is to discover the consumer needs. This is not as simple as it sounds. 94% of consumable goods produced fail in the long run because consumers most of the time do no know what they want.