Class Notes (903,377)
CA (537,974)
UTSC (32,632)
MGT (624)
MGTA02H3 (149)
H Laurence (21)
Lecture

Chapter 5-Understanding Marketing Processes and Consumer Behaviour

3 Pages
140 Views

Department
Management (MGT)
Course Code
MGTA02H3
Professor
H Laurence

This preview shows page 1. Sign up to view the full 3 pages of the document.
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 buyers' and seller's 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 product's 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 are working at home, women are joining workforce, number of single parent family is
increasing, food preferences and physical activities reflect the growing concern for healthy lifestyle.
Technological Environment
- created new products, as well as replacing others. Made communications easy
Economic Environment
- economic conditions determine spending patterns by consumers, businesses, and governments
Competitive Environment
- marketers must convince buyers to buy their product rather than that of another's
Substitute Products - A product that is dissimilar from those of competitors but that can fulfill the same
needs
Brand Competition - Competitive marketing that appeals to consumer perceptions of similar products
Strategy: The Marketing Mix
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 - Also known as the "Four Ps" - The combination of product, price, place, and promotion strategies used
in marketing a product
Product - A good, service, or idea that satisfies buyers' needs and demands
Product differentiation - The creation of a product or product image that differs enough from existing
products attract consumers
Price - The part of the marketing mix concerned with choosing the appropriate price for a product to meet the
firm's profit objectives and buyers' purchasing objectives
Place - (Distribution) The part of the marketing mix concerned with getting products from the producer to the
buyer, including physical transportation and choice of sales outlets
Promotion - Techniques for communicating information about products
www.notesolution.com

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
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
Unlock Document


Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

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


OR

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.


Submit