RSM100Y1 Chapter Notes - Chapter 11: Canadian Olympic Committee, Consumer Futures, Customer Relationship Management
Document Summary
Marketing: organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Good marketers can anticipate consumers" needs even before consumers see those needs themselves. Exchange process: activity in which two or more parties trade something of value (such as goods, services, or cash) that satisfies each other"s needs. > utility: power of a good or service to satisfy a need or want. > company"s production function creates form utility by converting raw materials, component parts, and other inputs into finished goods and services. > time utility: created by making a good or service available when customers want to purchase it. > place utility: created by making a product available in a location convenient for customers. > ownership utility: refers to an organized transfer of goods and services from the seller to the buyer.
