MAT136H1 Lecture : chapter 15 marketing.docx

• School: UTSG
• Department: Mathematics
• Course: MAT136H1
• Professor: Anthony Lam

Document Summary

Marketing; planning and executing, the development, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy both the buyers and the sellers. Marketing concept- the idea that the whole firm is directed toward serving present and potential customers at a profit. Value- the relative comparison between the products costs and benefits. Consumer goods- products purchased by individuals for personal use. Utility-ability of a product to satisfy human want or need. Industrial goods- products purchased by companies to use directly or indirectly to produce other products. Services- intangibles 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. Substitute products are dissimilar from competitors but can fulfill the same need. International competition matches the products of domestic marketers against those of foreign competitors.