Study Guides (258,907)
CA (125,049)
UTSC (8,106)
MGT (341)
MGTA02H3 (72)

study guide

5 Pages
47 Views

Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

This preview shows pages 1-2. Sign up to view the full 5 pages of the document.
Lecture 6: Marketing
Productivity and Quality:
Productivity: minimizing ratio of inputs (labour, parts, etc.) to outputs (finished products).
In other words: making a product quickly, efficiently and cheaply.
Productivity: ratio of inputs (hours of labour or numbers or parts, dollars worth of
parts) gone in to make a finishing product. A firm minimizing the amount of parts
and investment that goes into a product. Canadian economy is less productive than
the US economy at least 20%. Average worker turns out less than 20% of the
American worker. His maybe because; Canadian managers dont invest on, on the job
training, dont invest in capital equipment (machinery), American managers are
prepared to try new interesting technologies.
Quality: making a product that us fit for use
In other words: making a product that works as it should
Quality: giving the customer what they are expecting; what they want; the product
they think they are paying for. Making a product that is going to work like its
supposed to. Example of Quality: (Honda recall- air bags dont work); Toyotas:
breaks do not work, had to do a recall. Shares slide as reputation loses steam
(headlines). High quality reliable vehicles known as, pay a little more than the US
vehicles but it is worth it. If you sell cars that do not work, and when customers get
disappointed; sales of Chevy cobalt have increased to about 149.7 % and Toyota`s
have fallen gone into the negative percentages. Have to go back to factory and
repairing product if makes a mistake, reputation takes a major hit.
Marketing: Target Markets & Market Segmentation
Marketing Concept
-Well managed businesses:
-Do not sell what they have (product focus)
-Sell what customers want (customer focus)
-Focus on customer is called the `marketing concept`
www.notesolution.com
business: and organized to make or supply or produce something which you then try and
sell to customers with a view towards making a product.
Doesnt sell what it think you should have, it tries and sells what you want, what you
think you need, what you think should be useful. That is preoccupying yourself with he
customer, well managed business asks what you want, and what you need. Customer focus.
-The Business is directed towards serving existing and potential customers, while
making profit.
Target Markets
-No business has ultimate time
-No business has ultimate resources
-No business can sell to everybody
-Marketing Begins with determining: Who is the target market?
-The specific group of people the business targets as the most likely/intended customers
-People with similar needs and wants
People who do not have teeth cannot buy tooth paste. People who cannot read will not buy
text books. People who are vegetarians will not buy meat. There will always buy people who
will not buy your product. An intelligent business man realizes you cant be all things to all
people. Giving my customer what they wants/need/what they tell us they want begins with
question. Identify ages, gender, what people are interested in ect., concentrate efforts to
specific groups of people
Market Segmentation:
-Marketers divide world into smaller and smaller groups of similar people.
-People whose needs, wants, attitudes to product likely to be similar
-Called `Market Segmentation`
-Some ways markets can be segmented:
-Demography: external traits
www.notesolution.com

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
Lecture 6: Marketing Productivity and Quality: Productivity: minimizing ratio of inputs (labour, parts, etc.) to outputs (finished products). In other words: making a product quickly, efficiently and cheaply. Productivity: ratio of inputs (hours of labour or numbers or parts, dollars worth of parts) gone in to make a finishing product. A firm minimizing the amount of parts and investment that goes into a product. Canadian economy is less productive than the US economy at least 20%. Average worker turns out less than 20% of the American worker. His maybe because; Canadian managers dont invest on, on the job training, dont invest in capital equipment (machinery), American managers are prepared to try new interesting technologies. Quality: making a product that us fit for use In other words: making a product that works as it should Quality: giving the customer what they are expecting; what they want; the product they think they are paying for. Making a product that is going to work like its supposed to. Example of Quality: (Honda recall- air bags dont work); Toyotas: breaks do not work, had to do a recall. Shares slide as reputation loses steam (headlines). High quality reliable vehicles known as, pay a little more than the US vehicles but it is worth it. If you sell cars that do not work, and when customers get disappointed; sales of Chevy cobalt have increased to about 149.7 % and Toyotas have fallen gone into the negative percentages. Have to go back to factory and repairing product if makes a mistake, reputation takes a major hit. Marketing: Target Markets & Market Segmentation Marketing Concept -Well managed businesses: -Do not sell what they have (product focus) -Sell what customers want (customer focus) -Focus on customer is called the marketing concept www.notesolution.com
More Less
Unlock Document


Only pages 1-2 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit