Textbook Notes (363,550)
Canada (158,417)
MGTA01H3 (583)
Chapter 5

Chapter 5 notes.docx

7 Pages
Unlock Document

University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Marketing planning and executing the development pricing promotion and distribution of ideas goods and services to create exchanges that satisfy both buyers and sellers objectives oOur needs and wants are the forces that drive marketing Marketing concept the idea that the whole firm is directed toward servicing present and potential customers at a profit oConsumers buy products that offer the best value when it comes to meeting their needs and wants Value relative comparison of a products benefits versus is costsbenefits include not only the functions of the product but also the emotional satisfactions associated with owning experiencing or possessing it Costs could include sales price the expenditure of the buyers time and the emotional costs of making a purchase decision valuebenefitscostssatisfied buyer is when benefitscostsMarketing strategies focus on increasing value for customers Utility ability of a product to satisfy a human want or need marketing strives to provide four kinds of utility time utilityavailability place utilityconvenience ownership utilitytransferring ownership from store to customer and form utilityturning raw materials into finished goodsConsumer goods products purchased by individuals for their personal usefirms that sell products to consumers for personal consumption are engaged in consumer marketing Industrial goods products purchased by companies to use directly or indirectly to produce other products firms that sell products to other manufacturers are engaged in industrial marketing Services intangible products such as time expertise or an activity that can be purchased service marketing oMarketers also promote ideas can be through the use of ads ex ads that stress the importance of driving only when soberMarketing managers managers responsible for planning and implementing all the marketingmix activities that result in the transfer of goods or services to customers
More Less

Related notes for MGTA01H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.