ADMS 2200 Study Guide - Strategic Alliance, Marketing Ethics, Resale Price Maintenance

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Richard Patterson

Document Summary

Chapter 1: marketing the art and science of satisfying customers. Utility: the want satisfying power of a good or service. Form utility: the conversion of raw materials and components into finished goods and services (fabric and cloth into clothes) Time utility: availability of goods and services when consumers want them (dental appointments) Place utility availability of goods and services at convenient locations (vending machines) Ownership utility : ability to transfer title to goods or services from marketer to buyer (retail sales) What is marketing: organizations must create utility and customers to survive, activities marketers perform to create customers: Identifying customer needs: designing products to meet those needs, communicating information. Marketing an organizational function and a set of processes for creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organization and its stakeholders. Increase in international trade agreements: growth of electronic business.