ARBUS 100 Chapter 4: UNIT 4

• School: University of Waterloo
• Department: Arts and Business
• Course: ARBUS 100
• Professor: Bob Sproule

Document Summary

The sum total of all the activities involved in getting goods and services from the original producer to the ultimate consumer. These activities include market research, product development, pricing, advertising and promotion, sale, and logistics. The primary function (main purpose) of marketing is to sell the output of production ex. If a producer makes 50, 000 sweaters it needs to sell 50, 000. Market research : finds or collects data to help solve marketing problems. Is collected by someone other than the user: ex. Censuses (statistics canada collects population data to determine how large potential markets are), surveys, studies (pay a company for a study performed on an international market) and the phone book. Is observed or collected by a business (or by a hired research firm) and relates specifically to its needs or problems: ex. Information about consumer preferences collected in a survey conducted by the owner of a retail store.