Textbook Notes (362,882)
Canada (158,081)
MGTA02H3 (361)
Chapter 5

Chapter 5- Understanding Marketing Markets Segmentation and Market Research

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University of Toronto Scarborough
Management (MGT)
Bill Mc Conkey

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 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 sellers objectives Peoples needs and wants for goods and services are the forces that drive marketing 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 and Benefits Value- comparison of a products benefits vs. its costs Value = Benefits Costs Benefits- the functions and emotional satisfaction combined with owning, experiencing, or possessing the product Different types of benefits: o Making an entirely new product that performs better (provides greater benefits) than existing products o Keeping a store open extra hours during a busy season (adding benefits of greater shopping convenience) o Offer price reductions (the benefit of lower cost) o Informational promotion that explains how a product can be used in new ways Value and Utility Utility- ability of a product to satisfy a human need or want Time utility- makes products available when consumers want them Place utility- makes products available where customers can easily purchase them Ownership utility- easily transferring ownership from store to customer 1 www.notesolution.com
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