Management and Organizational Studies 2320A/B Chapter Notes - Chapter 1-7: Market Segmentation, Market Orientation, Target Market

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Marketing: is a set of (cid:271)usi(cid:374)ess p(cid:396)a(cid:272)ti(cid:272)es desig(cid:374)ed to pla(cid:374) fo(cid:396) a(cid:374)d p(cid:396)ese(cid:374)t a(cid:374) o(cid:396)ga(cid:374)izatio(cid:374)(cid:859)s p(cid:396)odu(cid:272)ts o(cid:396) services in ways that build effective customer relationships. Marketing plan: firms develop this and it specifies their marketing activities for a specific period of time. It is broken down into various components, for example: like how the product will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer. Need: is when a person feels deprived of the basic necessities of life (food, clothing, shelter and safety) Want: is the particular way in which the person chooses to fulfill his or her need, which is shaped (cid:271)(cid:455) a pe(cid:396)so(cid:374)(cid:859)s k(cid:374)o(cid:449)ledge, (cid:272)ultu(cid:396)e a(cid:374)d pe(cid:396)so(cid:374)alit(cid:455) To understand the customer, the company needs to identify the market: which is the group who actually needs/wants whatever the product might be and they have the willingness to buy.