MGTA02H3 Chapter Notes - Chapter 5: Marketing Mix, Sales Promotion, Marketing Plan
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MGTA02H3 Full Course Notes
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Chapter 5: understanding marketing processes and consumer behaviour. Marketing: planning and executing the development, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy both buyers and seller"s objectives. Marketing concept: the idea that the whole firm is directed toward serving present and potential customers at a profit. Value: relative comparison of a product"s benefit versus its costs. The benefits of a high value product are much higher than its costs. Benefits: include not only the functions of the product, but also the emotional satisfactions associated with owning, experiencing or possessing it. Utility: ability of a product to satisfy a human need or want. Every product has costs, including sales price, the expenditure of the buyer"s time, and the emotional costs of making a purchase decision. The satisfied buyer perceives the benefits derived from the purchase to be greater. Marketing strategies focus on increasing value for customers.
