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Detailed

2 Pages
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Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

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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 product’s 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)
otime utility: availability of products when customers want them (ornaments in time for
Christmas)
oplace utility: availability of products where customers can conveniently purchase them
(department stores have different sections for different types of products)
oownership utility: convenient transfer of ownership from store to customer
oform utility: availability of products themselves (raw materials into finished goods)
Goods, Services, Ideas
-consumer goods: products purchased by individuals for their personal use (perfume)
ofirms that sell products to consumers for personal consumption are involved in consumer
marketing
-industrial goods: products purchased by companies to use directly or indirectly to produce other
products (raw materials, earth move, etc)
ofirms that sell products to other marketers are involved in industrial marketing
-services: intangible products, such as time, expertise, or an activity that can be purchased
(insurance)
ofirms that provide services are involved in service marketing
-markets also promote ideas (don’t drink and drive)
Relationship Marketing
-relationship marketing: a type of environment that emphasizes lasting relationships with
customers and suppliers (can result in long term satisfaction and customer loyalty) < Harley
Owners Group (H.O.G)
Marketing Environment
-external factors: outside factors that influence marketing programs by posing opportunities or
threats (5 environments- political/legal, social/cultural, technological, economic, competitive
opolitical/legal environment: ex. Cell phone bans in cars; to gain public support marketing
uses ad campaigns for public awareness on issues of local, regional or national
importance; they also lobby and contribute to political candidates (although contributions
are restricted, they can help change laws)
osocial/cultural environment: ex. Women entering workforce, environmental movement;
companies must adapt to changing social forces and they have to develop and promote
new products
otechnological environment: creation of new goods and services (satellite dish, home
television shopping); new products replace old ones (CDs replace cassettes)
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Description
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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