MGTA02H3 : study guide
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MGTA02H3 Full Course Notes
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Chapter 5: understanding marketing processes & consumer behaviour. Marketing: planning and executing the development, prices, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy both buyers" and sellers" objectives. Our needs and wants are the forces that drive marketing. Marketing concept: the idea that the whole firm is directed toward serving present and potential customers at profit. This concept means that a firm must get to know what customers really want. Various departments of the firm (marketing, production, finance, and human resources) must operate as a system. The system should be well coordinated and unified in reaching its common goal customer satisfaction. Consumers buy products that offer the best value when it comes to meeting their needs and wants. Value: relative comparison of a product"s benefits versus its costs. Benefits of a higher value product are much greater than its cost. Benefits include the function of the product, emotional satisfactions, experiencing, and possessing it.
