MGCR 352 Study Guide - Final Guide: Market Segmentation, Customer Switching, Sales Promotion

• School: McGill University
• Department: Management Core
• Course: MGCR 352
• Professor: Emine Sarigollu

Document Summary

Marketing: the delivery of customer satisfaction at a profit businesses: has own department non-profit: employ most marketing agencies to differentiate themselves government: top 5 of marketing spending individuals: using communication. Tasks of marketing: discovering customer needs, satisfying customer needs. Marketers do not create needs; customers define needs. Wants are directed to specific product to satisfy a need backed by the ability to pay (demand) product or offering value and satisfaction exchange and transaction relationships and networks. Delivered value: the difference between total value to customer and total customer cost. Satisfy consumers by giving them highest delivered value. Product value: differentiate a product through price, packaging, quality, product future, and design. Technology has undermined product balue due to intensified competition. Advantages can be easily copied at a low cost. It is becoming more important due to amount of similar products on the market.