BIOL376 Chapter Notes - Chapter 5: Market Segmentation, Marketing Mix, Consumer Behaviour

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Business chapter #5 understanding marketing processes and. 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. Marketing concept the idea that the whole firm is directed toward serving present and potential customers at a profit. Value relative comparison of a product"s benefits versus its costs. The benefits of a high value product are much greater than its costs. Benefits include not only the functions of the product, but also the emotional satisfactions associated with owning, experiencing, or possessing it. Utility ability of a product to satisfy a human want or need. Marketing strives to provide four kinds of utility. When a company turns out ornaments in time for christmas, it creates time utility: it makes products available when consumers want them. When a department store opens its annual christmas department, it creates place utility: it makes products available where customers can conveniently purchase them.

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