Management and Organizational Studies 2320A/B Chapter 1: Overview of Marketing

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Emily Chen- Bendle

Document Summary

Marketing: set of business practices designed to plan for and present an orga(cid:374)izatio(cid:374)"s products/services in ways that build effective customer relationships. Marketing plan: written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four ps, action programs, and projected pro forma income statements. Value: the fundamental purpose of marketing to create value for firm & customer. Value is in essence what you get for what you give up. Value is in the eyes of the beholder. Marketing is about satisfying customer needs and wants. Need: basic necessities such as good, clothing, shelter, and safety. Want: the particular way in which a person chooses to satisfy a need, which is shaped by a persons knowledge, culture and personality. Market: refers to the groups of people who need or want a co(cid:373)pa(cid:374)y"s products or services and have the ability and willingness to buy them.