COMMERCE 2MA3 Study Guide - Midterm Guide: Marketing Myopia, History Of Marketing, Longrun

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Bharat Vaishnav

Document Summary

Production and marketing of goods and services are the essence of economic life in any society, creating a benefit called utility. Utility: want-satisfying power of a good or service. Economists refer to the concept of utility, a term that refers to the ability of production and marketing to satisfy customers. Conversion of raw materials and components into finished goods and services. Availability of goods and services when consumers want them. Availability of goods and services at convenient locations. Ability to transfer title to goods or services from marketer to buyer. Soft drink machines outside gas stations; banks in grocery stores. Retail sales (in exchange for currency or credit card payment. Organizations must create utility and customers in order to survive. If your company cannot create utility, it will fail. Identifying customer needs (hugely important aspect of marketing: through market research, client and market data analysis, strategic planning, etc. ) Designing products to meet those needs (concept evaluation and proposal,