Management and Organizational Studies 1021A/B Chapter Notes - Chapter 1: Scotiabank, Display Advertising, Digital Marketing

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

Document Summary

Marketer"s ultimate objectives are to drive profits for a company, or if working in the non-profit sector, to generate revenue and support to fund programs and run operations. Marketing is described as the process of planning and managing goods, services, or ideas to meet consumer needs and organizational objectives. Marketers are ultimately responsible for generating company profits and marketing programs are designed with this end in mind. The essence of successful marketing is focusing on customer needs and developing programs that delight consumers and encourage customer loyalty. Customer value is the unique combination of benefits received by targeted consumers that includes quality, price, convenience, delivery, and both before-sale and after-sale service. Creating products with added value is often achieved through: (1) product design (2) pricing strategies (3) service elements. A target market can be formally defined as the specific group of existing and potential consumers to which marketers direct their marketing efforts.