Business Administration 3301K Chapter Notes - Chapter 1: Institute For Operations Research And The Management Sciences, Retail, Pro Forma

• School: Western University
• Department: Business Administration
• Course: Business Administration 3301K
• Professor: John White

Document Summary

Marketing-set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Marketing is about satisfying customer needs and wants. Can be performed by both individuals and organizations. Need-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. To understand needs and wants company must identify the market. Market- the groups of people who need or want a company"s products or services and have the ability and willingness to buy them. Not practical to sell to everyone (marketing costs money), you must seek the right target market (interest in the product and have the ability to buy it). Target market-the customer segment or group of whom the firm is interested in selling its products and services.