MGTA02H3 Chapter Notes - Chapter 5: Air Canada, Relationship Marketing, Marketing Mix
1
MGTA02H3 Full Course Notes
Verified Note
1 document
Document Summary
Chapter 5: understanding marketing processes and consumer behavior. Marketing: planning and executing the development, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy both buyers" and seller" objectives. Markets also promote ideas (don"t drink and drive) Relationship marketing relationship marketing: a type of environment that emphasizes lasting relationships with customers and suppliers (can result in long term satisfaction and customer loyalty) < harley owners group (h. o. g) Marketing environment external factors: outside factors that influence marketing programs by posing opportunities or threats (5 environments- political/legal, social/cultural, technological, economic, competitive: political/legal environment: ex. Marketing managers: managers responsible for planning and implementing all the marketing-mix activities that result in the transfer of goods or services to customers (marketing requires management) Marketing plan: a detailed strategy for gearing the marketing mix to meet consumer needs and wants (marketing begins when a company identifies a consumer need and develops a product to meet it)
