Textbook Notes (368,214)
Canada (161,710)
Commerce (1,690)
Chapter 1-3

Marketing - Chapter 1-3 Notes.docx

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Department
Commerce
Course
COMMERCE 2MA3
Professor
Ambika Badh
Semester
Fall

Description
CHAPTER ONE MARKETINGTHE ART AND SCIENCE OF SATISFYING CUSTOMERSWhat Is MarketingUtility the wantsatisfying power of a goodserviceForm utility created when firm converts raw materials into finished goodsservicesTime utility availability of goodsservices when consumer wants themPlace utility availability of goodsservices at convenient locations Ownership utility ability to transfer title to goods or services from marketer to buyerMarketing activities to get the right customers o Identify customer needs o Design products to meet needs o Communicate info about goodsservices to prospective buyers o Make items available at times and places that meet needs o Price goodsservices based on costs competition and consumers ability to buy o Provide necessary followup serviceA Definition of MarketingMarketingo Organizational function o Set of processes for creating communicating and delivering value to customers o For managing customer relationships in ways that benefit the organization and stakeholdersProduct price promotion and distribution combine to provide customer satisfactionCreating and maintaining longterm relationships with consumers and suppliersTodays Global MarketplaceNations are expanding economic views outside national boarders 1 International trade agreements 2 Grown of economic commerce 3 Interdependence of worlds economy need to import and export raw materials and finished goodsCompanies must continually search for most efficient manufacturing sites and best markets for productsMexico is now lowestcost country for outsourced productionTelecommunications firms are finding new markets for products such as cell phonesCanada is an attractive market for foreign competitors because of size proximity to US high standard of livingFour Eras in the History of MarketingExchange process activity in which twomore parties give something of value to each other to satisfy perceived needsThe Production EraBefore 1925Product orientation o Stressed efficiency in producing a quality product o A good product will sell itselfConsumer demand was highDid not really focus on marketing productsThe Sales Era1920s1950sSales orientation o Consumers will resist purchasing nonessential goodsservices o Only creative advertising and personal selling can overcome resistanceo Must persuade consumers to buyFirms try to match output of products to number of consumers who want itThe Marketing Era and the Emergence of the Marketing ConceptAfter WWIIMarket shifted from sellers market to buyers marketSellers market market in which there are more buyers for fewer goodsservicesBuyers market market where there are more goodsservices than people willing to buy themConsumer orientation marketing concept that emphasizes determining consumer needs and developing system to satisfy themMarketing concepto Companywide consumer orientation with the objective of achieving longrun success o Every employee plays a role in satisfying customersThe Relationship Era th Final decade of 20 centuryRelationship marketing o Development and maintenance of longterm costeffective relationships o Establish and maintain relationships with customers suppliers employees other partnersConverting Needs to Wants
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