ADMS 2200 Study Guide - Midterm Guide: North American Free Trade Agreement, Marketing, Barcode

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Hendriks Charles

Document Summary

Utility: want-satisfying power of a good or service. Conversion of raw materials and components into finished goods and services. Availability of goods and services when consumers want them. Availability of goods or services at convenient locations. Ability to transfer title to goods or services from marketer to buyer. Retail sales (in exchange for currency or credit) How does an organization create a customer: identify needs in the marketplace, find out which needs the organization can profitably serve, develop goods or services to convert potential buyers into customers. Marketing: an organizational function and a 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. I. e. the euro is now a common currency to facilitate trade among the nations of the european union and the creation of trade agreements such as nafta and wto.