MGTA02H3 Chapter Notes - Chapter 5: Marketing Mix, Customer Relationship Management, Psychographic
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MGTA02H3 Full Course Notes
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Chapter 5: understanding marketing: markets segmentation and market research. Marketing: planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy both buyers" and sellers" 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 benefits versus its costs. Utility: ability of a product to satisfy a human want or need. Consumer goods: products purchased by individuals for their personal use. Industrial goods: products purchased by companies to use directly or indirectly to produce other products. Service: intangible products, such as time, expertise, or an activity that can be purchased. Marketing managers: managers responsible for planning and implementing all the marketing- mix activities that result in the transfer of goods or services to customers. Marketing plan: a detailed strategy for gearing the marketing mix to meet consumer needs and wants.
