Management and Organizational Studies 1021A/B Chapter Notes - Chapter 1: Relationship Marketing, Engagement Marketing, Corporate Social Responsibility

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

Document Summary

A market describes potential consumers who have both the willingness and the ability to by a product. Marketing is the process of planning and managing goods, services, or ideas to meet consumer needs and organizations objectives. Marketing success is rooted in focusing on customers and providing value through goods and services designed to meet customer needs. The challenge is to stay relevant to changing consumer expectations, to craft market programs that meet target market needs, and to distinguish products in the marketplace. The essence of marketing is focusing on the consumer. A target market is the specific group of existing and potential customers to which marketers direct their marketing efforts. Public relations, sales promotion, direct response event marketing, and sponsorship, and personal selling. The marketing process consists of: identifying consumer needs, managing the marketing mix to meet these needs, realizing profits or secure revenues or provide services to those in need.