RSM100Y1 Study Guide - Consumer Behaviour, Data Mining, Data Warehouse

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Marketing: process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Consumers" needs and wants are the forces that drive marketing. Marketing strategies focus on increasing values for customers. Utility: ability of a product to satisfy a human want or need: marketing strives to provide four kinds of utility. Time utility: it makes products available when consumers want them (i. e. opening stores for longer during holidays) Place utility: it makes products available where customers an conveniently purchase them. Ownership utility: allows for convenient transfer of ownership from store to customer (i. e. the store sells specific items which are hard to find elsewhere) Form utility: making products available in the first place by turning raw materials into finished products. Industrial goods: products used by companies to produce other products. Consumer goods: products that consumers buy for personal use.

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