ADMS 2200 Lecture Notes - Lecture 1: Lenscrafters, Relationship Marketing, Milos Raonic

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Marius Dobre

Document Summary

Chapter 1 marketing: the art and science of satisfying customers. Marketing: an organizational function and a set of processes for: creating, communication, and delivering value to customers, managing customer relationships in ways that benefit the organization and its stakeholders. Utility: a want, satisfying power of a good or service. There are 4 types of utility: form: conversion of raw materials and components into finished goods and services. Dinner at swiss chalet; ipod; shirt from mark"s work warehouse: time: availability of goods and services when consumers want them. Eg: dental appointments, digital photographs; lenscrafters eyeglass guarantee: place: availability of goods and service at convenient locations, ownership (possessions): ability to transfer title to goods or services from marketer to buyer. Eg: retail sales (in exchange for currency or credit card payment) Organizations must create utility and customers to survive. Activities marketers perform to create customers: designing products to meet those needs, communication information.