MGTA02H3 Lecture 7: Lecture 7 - Marketing
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MGTA02H3 Full Course Notes
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Businesses exist to make a profit, but no customers equals no profits. (ie. need market- ing) Marketing - planning and executing the development, pricing, promotion and distribu- tion of ideas goods and services that satisfy both buyers and sellers. Dont sell what you have (product focus), sell what customers (customers focus) Business is directed toward serving existing and potential customers, while making a profit. The specific group of people the business targets as the most likely/ intended cus- tomers. Marketers divide world into smaller and smaller groups of similar people. People whose needs, wants, attitudes to product likely to be similar. Where people live region, rural vs. urban, climate. Having identified the target , managers must create products: At prices they will pay- price that they know about - promotion that they can easily get- place. Market research - systemic study of what buyers need and how to meet those. I. e. from a book or website - e. g.
