CITB01H3 Lecture Notes - Customer Relationship Management, Marketing Mix, Psychographic

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Published on 15 Apr 2013
School
UTSC
Department
City Studies
Course
CITB01H3
Page:
of 1
Chapter 5 (Marketing)
Marketing: process of planning & executing the conception, pricing, promotion & distribution of ideas,
goods & services to create exchanges that satisfy both buyers and sellers
Marketing Concept: whole is coordinated to achieve 1 goal
Value = Benefits/costs
Utility: ability of a product to satisfy a human want or need
4 kinds of Utility: - Time, Place. Ownership, form of utility
Consumer Goods: products purchased by individuals for their personal use
Industrial Goods: products purchased by companies to use directly or indirectly to produce other
products
Services: Intangible products, such as time, expertise, or an activity that can be purchased
Marketing Managers: responsible for planning & implementing all the marketing mix activities that
result in the transfer of goods or services to customer
Marketing Plan: detailed & focussed strategy for gearing the marketing activities to meet consumer
needs and wants
Marketing Mix: product, price, place and promotion strategies used in marketing a product
Target Market: any group of people who have similar wants & needs & may be expected to show
interest in the same products
Market Segmentation: dividing a market into categories according to traits customers have in common
Geographic Variables: units that may be considered in a segmentation strategy
Demographic Variables: Characteristics of populations that may be considered in developing a
segmentation strategy
Psychographic Variable: a group has in common, including motives, attitudes, activities, interests &
opinions
Product Use Variable: Consumer characteristics based on use of a product, benifits expected from it,
reasons for purchasing it & loyalty to it
Consumer Behaviour: process by which customers come to purchase & consume a product or services
4 Influences: - psychological, personal, social, cultural

Document Summary

Marketing: process of planning & executing the conception, pricing, promotion & distribution of ideas, goods & services to create exchanges that satisfy both buyers and sellers. Marketing concept: whole is coordinated to achieve 1 goal. Utility: ability of a product to satisfy a human want or need. Consumer goods: products purchased by individuals for their personal use. Industrial goods: products purchased by companies to use directly or indirectly to produce other products. Services: intangible products, such as time, expertise, or an activity that can be purchased. Marketing managers: responsible for planning & implementing all the marketing mix activities that result in the transfer of goods or services to customer. Marketing plan: detailed & focussed strategy for gearing the marketing activities to meet consumer needs and wants. Marketing mix: product, price, place and promotion strategies used in marketing a product.