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MGTA02H3 (363)
Chapter 5

Chapter 5 summary notes

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Management (MGT)
Chris Bovaird

MGTA04 Chapter 5 WHAT IS MARKETING? - marketing: planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy both the buyersand sellers objectives - we (consumers) are the key ingrediant that drives marketing. Everyday we express our need for essentials and wants for leisures. - marketing concept: the idea that the whole rm is directed toward serving present and potential customers at a prot. (must follow changes in tastes that occur) Providing Value and Satisfaction - consumers buy products that offer the best value when it comes to meeting their needs & wants - value: relative comparison of a products benets vs. its cost value = benets cost - benets of a high value product are much greater than its costs - benets include not just the function of product but the emotional satisfaction - costs include cost, time, emotional cost - marketing specializes in making products that add value (than existing products, price reduction, longer store hours) - utility: ability of a product to satisfy a human want or need - time utility: creates products when people want them (xmas ornaments) - place utility: makes products available where customers can conveniently purchase them (store opens annual xmas department) - ownership utility: transferring ownership from store to customer (selling stuff) - form utility: by making products available - turning raw materials into nished goods Goods, Services, and Ideas - consumer goods: products purchased by individuals for their personal use - rms that sell products for personal consumption = consumer marketing - industrial goods: products purchased by companies to produce other products - rms that sell products to other manufacturers = industrial marketing - services: intangible products such as time, expertise, or some activity that you can purchase (e.g. service marking - insurance, airlines...) - marketers also promote ideas (e.g. dont drink and drive tv ads) - relationship marketing: a type of marketing that emphasizes lasting relationships with customers and suppliers (e.g. banks offer incentives to encourage longer relationships The Marketing Environment - External environment: outside factors that inuence marketing programs by posing opportunities or threats - political and legal environment: profound effect on business, eg. no cell phone while driving - social and cultural environment: changing social values force companies to develop and promote new products for both individual consumers and industrial consumers - technological environment: new technology forces new goods and making others obselete - economic environment: econ. conditions determines spending patterns -> inuence marketing 1 www.notesolution.com
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