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MGTA02H3 (136)
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Chapter 5-Understanding Marketing Processes and Consumer Behaviour

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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
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