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MGMA01H3 (184)
Chapter 4

So good notes~ Chapter 4

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Department
Management (MGM)
Course
MGMA01H3
Professor
Tarun Dewan
Semester
Winter

Description
MarketingChapter 4Understanding the marketplace and consumerSustainable marketingmarketing that meets the present need of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needsMarketers thrives day to day by determining the current needs and wants of targetgroupSocietal marketing conceptconsiders the future welfare of consumers and the thet strategic planning concept consider future company needs sustainable marketing concept considers bothCalls for both environmentally and socially responsible action meets both need Sustainable marketing requires a smoothly functioning marketing system in which consumers companies public policymakers and others work together to ensure socially responsible and ethical marketing actions Social criticisms of marketingMarketing impact on individual consumers High PriceHigh cost of distribution Greedy channel intermediaries mark up price beyond the value of their servicesCritic says that there too many intermediaries that duplicate servicesMarkups reflect services that consumers themselves wantmore convenient bigger store hours etc High advertising and promotion costs pushing up price to finance heavy advertising and sale promotions Critic charge that must of the packaging and promotions adds only psychological value to the product rather than functional value Also adds value by informing potential buyer of the availability and merits of a brand gives assurance and of consistent quality Excessive markupssome companies mark up goods excessively 5 dollar pill BULLSHIT Deceptive PracticesDeceptive practices fall into three groups pricing promotion and packaging Deceptive pricingfalsely advertising factory or wholesale prices or a large price reduction from a phony high retail list price Deceptive promotionincludes practices such as misrepresenting the products features or performance or luring the customers to the store for a bargain that is out of stock Deceptive packaginginclude exaggerating package content thorough subtle design label etcTougher problem is defining what is deceptive
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