Management and Organizational Studies 2320A/B Chapter Notes - Chapter 1: Market Orientation, Institute For Operations Research And The Management Sciences, Marketing

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: Colin Mc Dougall

Document Summary

Marketing plan - specifies their marketing activities for a specific period of time. Those who want and can afford an organizations product. Exchange - the trade of things of value between the buyer and the seller, so that each is better off as a result. Product: creating value: goods - items that you can physically touch, nike - makes shoes but also adds value to its products through custom designs. Services - intangible customer benefits produced by people or machines that cannot be separated from the producer (air travel, banking, insurance, beauty treatments, entertainment. Ideas - include thoughts, opinions, philosophies and intellectual concepts that can also be marketed. Promotion: communicating value: communication by a marketer that informs, persuades and reminds potential buyers that a product or service is available. The goal is to influence their opinions or elicit a response: promotion can enhance value. B2c (business to consumer) marketing: the process in which businesses sell to consumers.