Textbook Notes (362,755)
Canada (158,052)
MGTA02H3 (361)
Chapter 5

Chapter 5

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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
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