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MGTA02H3 (363)
H Laurence (23)
Chapter 5

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Management (MGT)
H Laurence

MGTA04 Chapter 5 Understanding Marketing Markets Segmentation and Market ResearchMarketing planning and executing the development pricing promotion and distribution of ideas goods and service to create exchanges that satisfy both buyers and sellers objectives 4Dont sell what they have product focus sell what customers wants customer focusFocus on customers is called the marketing conceptMarketing concept the idea that the whole firm is directed toward serving present and potential customers at a point Marketing Mix developing pricing promotion and placing products Value relative comparison of a products benefits versus its costsValueBenefits CostsBenefits include not only the functions of the product but also the emotional satisfactions associated with owning experiencing or possessing it Marketing strategies focus on increasing value for customers Marketing resources are deployed to add value to products to satisfy customers needs and wants Utility ability of a product to satisfy a human want or need 4 Kinds of UtilityTime utility make products available when consumers want them Place utility makes products available where customers can conveniently purchase them Ownership utility provide convenience of transferring ownership from store to customerForm utility by making products available in the first place by turning raw materials into finished goodsConsumer goods products purchased by individuals for their personal use Industrial goods products purchased by companies to use directly or indirectly to produce other products Services intangible products such as time expertise or an activity that can be purchasedStrategy The Marketing Mix Marketing Managers managers responsible for planning and implementing all the marketingmix activities that result in the transfer of goods or services to customersMarketing plan a detailed strategy for gearing the marketing mix to meet consumer needs and wantsMarketing mix the combination of product price place and promotion strategies used in marketing in a product Producta good service or idea that satisfies buyers needs and demands changing existing products to keep pace with emerging markets and competitors
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