Management and Organizational Studies 1021A/B Lecture Notes - Lecture 5: Monopolistic Competition, Starbucks, Swot Analysis

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Sarah Ross

Document Summary

Part 2 lecture 5: intro to marketing & the marketing. Marketing: process of planning and managing goods, services, or ideas to meet consumer needs and organizational objectives. Consumer behaviour: the actions a person takes when purchasing and using products and services. Consumer purchase decision process: problem recognition, information search, evaluation of alternatives, purchase decision, post-purchase behaviour. The essence of marketing depends on meeting customer needs and providing customer value. Customer value: benefits received by targeted buyers, including quality, price, convenience, delivery, before/after sale service. Target market: specific group of existing and potential customers to which marketers direct their marketing efforts (i. e. educated males, aged 65-85) Goal is to ensure that each element of the marketing mix appeals to the characteristics of the target group. Marketing mix: the 4ps (product, price, place, and promotion) Product: attributes that make up a good, a service, or an idea, including product design, features, colour, packaging, warranty, and service levels.