Chapter5p2.docx

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Published on 15 Apr 2013
School
UTSC
Department
Economics for Management Studies
Course
MGEB05H3
Professor
Rational Motives: purchasing a product that involve a logical evaluation of a product’s cost, quality &
usefulness
Emotional Motives: purchasing a product that involve non-objective factors
Industrial Market: Businesses that buy goods falling into one of 2 categories: goods to be converted into
other products that will be sold to ultimate consumers
Reseller Market: Intermediaries like wholesalers & retailers who buy finished products & resell them
Institutional Market: Non-governmental organizations such as hospitals, churches & schools
4 p’s - product, price, promotion, place
Market starts with exchanging value
- What the people value
The Things We Market:
- Tangible goods (consumer goods, industrial goods)
- Services
- Ideas
- Relationships
The Marketing Environment:
- Political & Legal
- Social & Cultural
- Technological
- Economic
- Competitive
Example: SHOE MARKET:
- Women vs Men
- Kids vs Adults
- Sport vs Fashion
- Expense Vs. Affordable
- Local Vs. Regional Vs. Global
Market Research The study of what buyers need and how best to meet these needs
Process:
- Study Current Situation
- Select a research method
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