MGTA01H3 Chapter 5: Chapter 5 MGTA01 Notes.docx

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

4 kinds of utility: when a company turns out ornaments in time for christmas, it creates time utility: it makes product available when consumers want them, when a dept. store opens its annual christmas dept, it creates place utility: it makes products available where consumers can conveniently purchase them, when the store sells ornaments, it provides ownership utility by conveniently transferring ownership from one store to another, by making products available in the first place by turning raw materials into finished ornaments the ornament makers creates form utility. 5 steps in performing marketing research: study the current situation, select research method, collect data. 4 influences of consumer behavior: psychological influences: include individuals motivations, perceptions and ability to learn and attitudes, personal influences: lifestyle, personality, economic status, and life cycle stage, social influences: family, opinion leaders, and reference groups such as friends or coworkers, cultural influences: culture, social class.