MGTA01H3 Chapter Notes - Chapter 5: Market Segmentation, Marketing Mix, Psychographic
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MGTA01H3 Full Course Notes
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Document Summary
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: our needs and wants are the forces that drive marketing. Marketing concept: the idea that the whole firm is directed toward servicing present and potential customers at a profit: consumers buy products that offer the best value when it comes to meeting their needs and wants. Value: relative comparison of a product"s benefits versus is costs. Benefits include not only the functions of the product, but also the emotional satisfactions associated with owning, experiencing, or possessing it. Costs could include sales price, the expenditure of the buyer"s time, and the emotional costs of making a purchase decision. Marketing strategies focus on increasing value for customers. Utility: ability of a product to satisfy a human want or need.
