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MGTA02H3 (363)
Chapter 5

chapter five book/ class notes

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Department
Management (MGT)
Course
MGTA02H3
Professor
Chris Bovaird
Semester
Winter

Description
Chapter 5: Understanding Marketing Processes and Consumer Behavior What is Marketing - marketing: planning and executing the development, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy both buyers and seller objectives Value and Utility - value: relative comparison of a products benefit versus its costs (benefit of high value products is greater than cost value = benefits costs - benefits: the functions of a product and emotional satisfaction associated with owning, experiencing or possessing it - focus of marketing is to increase value to customers by using marketing resources (value can be added by keeping store opened for longer hours, reducing price, etc) - utility: ability of a product to satisfy a human want or need (marketers strive to provide 4 types of utility) o time utility: availability of products when customers want them (ornaments in time for Christmas) o place utility: availability of products where customers can conveniently purchase them (department stores have different sections for different types of products) o ownership utility: convenient transfer of ownership from store to customer o form utility: availability of products themselves (raw materials into finished goods) Goods, Services, Ideas - consumer goods: products purchased by individuals for their personal use (perfume) o firms that sell products to consumers for personal consumption are involved in consumer marketing - industrial goods: products purchased by companies to use directly or indirectly to produce other products (raw materials, earth move, etc) o firms that sell products to other marketers are involved in industrial marketing - services: intangible products, such as time, expertise, or an activity that can be purchased (insurance) o firms that provide services are involved in service marketing - markets also promote ideas (dont drink and drive) Relationship Marketing - relationship marketing: a type of environment that emphasizes lasting relationships with customers and suppliers (can result in long term satisfaction and customer loyalty) < Harley Owners Group (H.O.G) Marketing Environment - external factors: outside factors that influence marketing programs by posing opportunities or threats (5 environments- politicallegal, socialcultural, technological, economic, competitive o politicallegal environment: ex. Cell phone bans in cars; to gain public support marketing uses ad campaigns for public awareness on issues of local, regional or national importance; they also lobby and contribute to political candidates (although contributions are restricted, they can help change laws) o socialcultural environment: ex. Women entering workforce, environmental movement; companies must adapt to changing social forces and they have to develop and promote new products o technological environment: creation of new goods and services (satellite dish, home television shopping); new products replace old ones (CDs replace cassettes) www.notesolution.com
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