Textbook Notes (363,078)
Canada (158,177)
MGTA02H3 (361)
Chapter 5

Chapter 5

9 Pages
Unlock Document

University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 5 Understanding Marketing: Markets Segmentation and Market Research WHAT IS MARKETING? - Marketing is planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy both buyers and sellers objectives. - The marketing concept is the idea that the whole firm is directed toward serving present and potential customers at a profit. o The firm must get to know what customers really want and follow closely the changes in tastes that occur. Providing Value and Satisfaction Value and Benefits - Value is relative comparison of a products benefits versus its costs. - Benefits include not only the functions of the product, but also the emotional satisfaction associated with owning, experiencing, or possessing it. - Value = Benefits Costs - Marketing strategies focus on increasing value for customers. Value and Utility - Utility is ability of a product to satisfy a human want or need. - Marketing strives to provide four kinds of utility: o Time utility it makes products available when consumers want them. o Place utility it makes products available where customers can conveniently purchase them. o Ownership utility it provides ownership utility by conveniently transferring ownership from store to customer. www.notesolution.com
More Less

Related notes for MGTA02H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.