MGTA02H3 Chapter Notes - Chapter 5: Relationship Marketing, Customer Relationship Management, Marketing Mix

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31 Oct 2010
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MGTA02H3 Full Course Notes
MGTA02H3 Full Course Notes
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Marketing: planning and executing the development, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy both the buyers" and sellers" objectives. We (consumers) are the key ingrediant that drives marketing. Everyday we express our need for essentials and wants for leisures. Marketing concept: the idea that the whole rm is directed toward serving present and potential customers at a pro t. (must follow changes in tastes that occur) Consumers buy products that offer the best value when it comes to meeting their needs & wants. Value: relative comparison of a product"s bene ts vs. its cost value = bene ts/ cost. Bene ts of a high value product are much greater than its costs. Bene ts include not just the function of product but the emotional satisfaction. Marketing specializes in making products that add value (than existing products, price reduction, longer store hours) Utility: ability of a product to satisfy a human want or need.