COMMERCE 2MA3 Chapter Notes - Chapter 1: Nelly Furtado, Calgary Stampede, Marketing Myopia
19 Nov 2012
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Document Summary
Chapter 1 - the art and science of satisfying customers. Based in economics, roots in psychology and sociology, mathematics and anthropology, etc. Utility: satisfying power of a good or service; four basic kinds. Conversion of raw materials and components into finished goods and services. Availability of goods and services when consumers want them. Availability of goods and services at convenient locations. Ability to transfer title to goods/services from marketer to buyer. Identifying needs of marketplace: finding which needs the organization can profitably serve, developing goods/services to convert potential buyers in customers. Identifying customer needs: designing products meeting those needs, communicating information about those g/s to prospective buyers, making items available at time and place meeting customers" needs, providing necessary service & follow-up, ensuring customer satisfaction after purchase. Marketing: 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.
