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chapter 15 notes

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Rotman Commerce
Michael Szlachta

What is Marketing? 1. Marketing: planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy both buyers and sellers objectives. 2. Consumer needs and wants drive marketing. 3. Marketing Concept: the idea that the whole firm is directed toward serving the present and potential customers at a profit. o A firm must get to know what the consumers want. Providing Value and Satisfaction 4. Consumers want to buy the product that would offer the best value. 5. Value: relative comparison of a products benefits vs. its costs. o Benefits include function, emotional satisfaction. o Costs include sales price, buyers time, and emotional cost of purchasing a product. Value= (Benefits) (Costs) 6. Utility: ability of a product to satisfy a human want or need. (4 kinds of utility) o Time Utility: offering products when consumers want them. Xmas lights in December o Place Utility: making a product available where customers can conveniently purchase them. A store opens up a Christmas department. o Ownership Utility: conveniently transferring ownership from store to consumer. o Form Utility: by making products available in the first place, turning raw materials into finished ornaments. Goods, Services, and Ideas 7. Consumer Goods: products purchased by individuals for their personal use. o Ex. Cars, perfume, medicine. 8. Industrial Goods: products purchased by companies to use directly or indirectly to produce other products. o Ex. Surgical instruments or earth movers. 9. Services: intangible products, such as time, expertise, or an activity that can be purchased. o Ex. Insurance companies, airlines, health clinics 10.Marketers also try to promote ideas o Dont drink and drive 11.Relationship Marketing: a type of marketing that emphasizes lasting relationships with customers and suppliers. o Strong relationships can create customer loyalty and strong economicsocial ties
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