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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 15: Understanding Marketing Processes and Consumer Behavior What is Marketing - marketing: planning and executing the development, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy both buyers and seller objectives Value and Utility - value: relative comparison of a products benefit versus its costs (benefit of high value products is greater than cost value = benefits costs - benefits: the functions of a product and emotional satisfaction associated with owning, experiencing or possessing it - focus of marketing is to increase value to customers by using marketing resources (value can be added by keeping store opened for longer hours, reducing price, etc) - utility: ability of a product to satisfy a human want or need (marketers strive to provide 4 types of utility) o time utility: availability of products when customers want them (ornaments in time for Christmas) o place utility: availability of products where customers can conveniently purchase them (department stores have different sections for different types of products) o ownership utility: convenient transfer of ownership from store to customer o form utility: availability of products themselves (raw materials into finished goods) Goods, Services, Ideas - consumer goods: products purchased by individuals for their personal use (perfume) o firms that sell products to consumers for personal consumption are involved in consumer marketing - industrial goods: products purchased by companies to use dir
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