COMMERCE 2MA3 Midterm: Marketing Midterm 1 Review
2 Dec 2015
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Creating, communication and delivering value to customers; Managing customer relationships in ways that benefit the organization and its stakeholders. Form utility conversion of raw materials and components into finished goods or services. Example; with some plastic, metal and glass, nikon creates a digital camera and samsung creates a laptop. Time utility availability of goods and services when consumers want them. Place utility availability of goods and services at convenient locations. Example; mcdonalds, i am hungry and therefore i will get mcdonalds because its right there when i"m hungry. Ownership ability to transfer title to goods and services from marketer to buyer. Example; luxury car, i can have any car to travel around but instead i want a mercedes- benz. Production era focused on quality, a good product will sell itself , production shortages, before 1920. New customer - > regular purchaser - > loyal supporter - > advocate. Exchange with limited communication (no ongoing relationships)
