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Lecture 4

Lecture 4 - Study Guide

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 5 Marketing: planning and executing the development, pricing, promotion, and distribution of ideas, GS to buyers create exchanges that satisfy both buyers and sellers objectives Marketing Concept: The business is directed toward serving existing and potential customers, while making a profit A good business doesnt sell what it has. It sells what potential customers want. Value: relative comparison of a products benefits versus its costs (benefits = emotional satisfactionsutility & costs = sales price, buyers time, emotional cost of making buy decision) VALUE = BenefitsCosts Utility: ability of a product to satisfy human want or need. There are four kind: Time utility: product available when customers want it (Christmas sale) Place Utility: convenient location Ownership Utility: satisfaction of owning or getting it from store Form Utility: happy the product was made in the first place Consumer goods: products purchased for personal use (leads to consumer marketing) Industrial goods: products purchased by companies to use directly or indirectly to produce other products (leads to industrial marketing) Services: intangible product like time, expertise, etc (leads to service marketing) Marketers also promotes Ideas, like advantages of not smoking Marketing Managers: managers responsible for planning and implementing all the marketing mix activities that result in the transfer of goods or services to customers Marketing Plan: a detailed strategy for gearing the marketing mix to meet consumer needs and wants Marketing Mix: The combination of 4 P strategies used in marketing a product Product: a good, service, or idea that satisfies buyers needs and wants Product Differentiation: the creation of a product or product image that differs enough from existing products to attract consumers Price: choosing the appropriate price for a product to meet the firms profit objectives and buyers purchasing objectives Distribution (Place): getting products from the producer to the buyer, including physical transportation and choice of sales outlets Promotion: techniques for communicating information about products
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