Textbook Notes (369,205)
Canada (162,462)
MGMA01H3 (184)
Chapter 1

Marketing Chapter 1

5 Pages
126 Views

Department
Management (MGM)
Course Code
MGMA01H3
Professor
Alison Jing Xu

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Description
Tuesday September1509 Principles of Marketing Chapter 1INTRODUCTION y Marketers are increasingly forming a sort of relationship with their customers based on information gleaned from extensive databases o Example retailers track your shopping historyy Marketing is more than just advertising and selling y Marketing is all about matching producers output to customers activities y Idea of matching producers output to customers activities sounds less complicated than it really is o There are many product and company failures y The cause of poor marketing is usually a lack of focus on customers y Marketing is the business function that interprets customer needs to the rest of the organization and brings the resulting offerings of the firm to the customer y Consumer perceptions attitudes time constraints space lack of information and location are all things that contribute to the gap between producers and consumers o There is a bridge that marketing must build to close the gap and it is built through the eight marketing functionsBuyingSellingTransportingStoringGradingFinancingRisk takingInformation collectingDisseminating o A reduction in the gap implies an increase in the utility consumers associate with a product or serviceThe result is that consumers are more likely to enter into an exchange relationship with the marketing organization MARKETING IS ABOUT EXCHANGE y Exchange process is when two or more parties give something of value to one another to satisfy felt needso Item is usually tangibleExample newspaper o However there are cases where there are intangible servicesExample concert performance y Specialization and division of labour will lead to a production surplus o Example George is a good weaver bad farmer Elaine is a good farmer bad weaver It is beneficial for both to specialize in each others line of work to increase productionHowever they are not better off until they actually trade their products thereby creating the exchange process
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