Class Notes (807,944)
Canada (492,936)
MGTA02H3 (136)
H Laurence (21)

Chapter 5-Understanding Marketing Processes and Consumer Behaviour

3 Pages
Unlock Document

University of Toronto Scarborough
Management (MGT)
H Laurence

Chapter 5: Understanding Marketing Processes and Consumer Behaviour What Is Marketing Marketing - Planning and executing the development, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy both buyersand sellers objectives. Marketing Concept - The idea that the whole firm is directed toward serving present and potential customers at a profit Providing Value and Satisfaction Value and Benefits Value - Relative comparison of a products benefits versus its costs - Value = Benefits divided by Costs Value and Utility Utility - Ability of a product to satisfy a human need or want Time utility - makes products available when consumers want them Place Utility - Makes products available where customers can conveniently purchase them Ownership Utility - transferring ownership from store to customer Form Utility - turning raw material into finished goods Goods, Services, and Ideas Consumer Goods - Products purchased by individuals for their personal use - Firms that sells products to consumers for personal consumption are engaged in consumer marketing Industrial Goods - Products purchased by companies to use directly or indirectly to produce other products - Firms that sell products to other manufacturers are engaged in industrial marketing Services - Intangible products, such as time, expertise, or an activity that can be purchased Relationship Marketing - A type of marketing that emphasizes lasting relationships with customers and suppliers Marketing Environment External Environment - Outside factors that influence marketing programs by posing opportunities or threats Political and Legal Environment - to gain public support, marketers uses ad campaigns for public awareness on local, regional, or national issues of importance Social and Cultural Environment - more people
More Less

Related notes for MGTA02H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.