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Chapter 11- Marketing.docx

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Department
Administration
Course
ADM1300
Professor
All Professors
Semester
Fall

Description
Chapter 11 12 13 MarketingMarketing creates utilityUtility the ability for a product to respond to human wants and needsTime utilityPlace utilityOwnership utility transferring ownership of product to buyerForm utility transferring raw materials into product that buyer wantsMarketing strategy plan of action for a product to meet consumer wants 2 important ingredientsoTarget mixoMarketing mixTarget marketing requires segmentationMarket SegmentationMarket segmentation dividing the market into groups of people that have similar wants and needsoMulti segment approach aiming marketing efforts at more than one segment within 1 product each segment needs its own marketing strategyoEx bikes children racers commutersDemographicGeographicPsychographic personalities motives lifestylesBehaviouristic consumers behaviour towards the productMarketing mix refers to the 4 marketing activities product price distribution and promotion ProductProcess of Developing a Product1Develop new idea2Screening new ideas3Concept testing4Business analysis5Prototype development6Product testing and test marketing7Commercialization
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