Management and Organizational Studies 2320A/B Chapter Notes - Chapter 1: Marketing Mix, Concretion, Marketing Channel

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

Document Summary

Marketing is a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. To understand customer needs and wants, the company must first identify the market for its product or service. Market refers to the groups of people who need or want a company"s products or services and have the ability and willingness to buy them. Target market the customer segment or group to whom the firm is interested in selling its products and services (ex. not everyone in the market who wants a product can afford it) Marketing channel management (supply chain management) is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction (ex. Focus on developing and distributing innovative products with little concern about whether the products best satisfy customers" needs.