ADMS 2200 Midterm: First Mid-Term Notes.doc

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Kim Snow

Document Summary

Utility the want satisfying power of a good or service. Form utility created when the firm converts raw materials and component inputs into finished goods and services. Marketing providing inputs related to consumer preference ex. Time and place utility when consumers find goods and services available when and where they want to purchase them e. x. Ownership utility ability to transfer title to goods or services from marketer to buyer. Three step marketing approach: identifying needs in the marketplace, finding out which needs the organization can profitably serve, and developing goods and services to convert potential buyers into customers. Communicating information about those goods and services to prospective buyers. Making the items available at times and places that meet customer"s needs. Pricing the merchandise and services to reflect costs, competition, and customer"s ability to buy purchase. Providing the necessary service and follow-up to ensure customer satisfaction after the.