MGTA02H3 Chapter 5: Chapter 5- Understanding Marketing Markets Segmentation and Market Research

• School: UTSC
• Department: Management (MGT)
• Course: MGTA02H3
• Professor: Bill Mc Conkey

Document Summary

Chapter 5- understanding marketing: markets segmentation and market research. 1- explain the concept of marketing and describe the five forces that constitute the external marketing environment. Marketing concept- the idea that the whole firm is directed toward serving present and potential customers at a profit: must get to know what customers really want and follow closely the changes in tastes that occur. Providing value and satisfaction: customers buy products that offer the beat value when it comes to meeting their needs and wants. Value- comparison of a product"s benefits vs. its costs. 1 www. notesolution. com: form utility-turning raw materials into finished goods. Consumer goods- products purchased by individuals for their personal use. Consumer marketing- firms that sell products for personal consumption. Industrial goods- products purchased by companies to use directly or indirectly to produce other products (ex: surgical instruments and earthmovers) Industrial marketing- firms that sell products to other manufactures.