MCS 1000 Chapter Notes - Chapter 2, 9: Marketing Mix, Computer Monitor, Market Segmentation

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Arsenio Bonifacio

Document Summary

Organization: a legal entity of people who share a common mission, which motivates them to develop offerings that create value for both the organization and its customers by satisfying customers" needs and wants. Also can be divided up between business firms and non-profit organizations. Business firms: a privately owned organization that serves its customers in order to earn a profit, profit must be made to survive. Non-profit organizations: a non-governmental organization that serves its customers but does not have profit as an organizational goal and may be operational efficiency or client satisfaction, but also must receive sufficient funds to continue operations. Profit: the money left after a business firm"s total expenses are subtracted from its total revenue and is the reward for the risk it undertakes in marketing its offerings. Industry: organizations that group together who have similar offerings. Foundation of an organization"s marketing strategy is having a clear understanding of the industry within which it competes.