COMMERCE 2MA3 Chapter 1-3: Marketing - Chapter 1-3 Notes.docx
30 Sep 2013
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Chapter one: marketing the art and science of. Utility: the want-satisfying power of a good/service. Form utility: created when firm converts raw materials into finished goods/services. Time utility: availability of goods/services when consumer wants them. Place utility: availability of goods/services at convenient locations. Ownership utility: ability to transfer title to goods or services from marketer to buyer. Marketing: organizational function, set of processes for creating, communicating and delivering value to customers, for managing customer relationships in ways that benefit the organization and stakeholders. Product, price, promotion and distribution combine to provide customer satisfaction. Creating and maintaining long-term relationships with consumers and suppliers. Nations are expanding economic views outside national boarders: international trade agreements, grown of economic commerce, interdependence of world"s economy (need to import and export raw materials and finished goods) Companies must continually search for most efficient manufacturing sites and best markets for products. Mexico is now lowest-cost country for outsourced production.
