RSM100Y1 Study Guide - Final Guide: Brand Loyalty, Brand Equity, Direct Market
Document Summary
Summarize the ways in which marketing creates utility. Utility: utility is the ability of a good or service to satisfy the wants and needs of customers. Production function creates form utility: by converting inputs to finished goods and services. Marketing creates utility: by making the product available when consumers what to buy it, where consumers want to buy it, and by arranging for an organized transfer of ownership. > organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. > process of planning and executing the conception, pricing promotion and distributions of goods and services to facilitate exchanges that satisfy individual and organizational use. Eras of marketing production era sales era marketing era relationship era (present) > ads in the past are with lot of words, but now only images and concept. A companywide customer focus achieving long-term success.
