MGTA02H3 Chapter 5: Chapter 5.docx
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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 service to create exchanges that satisfy both buyers" and sellers" objectives 4. Don"t sell what they have (product focus), sell what customers wants (customer focus) Focus on customers is called the marketing concept . Marketing concept: the idea that the whole firm is directed toward serving present and potential customers at a point. Marketing mix: developing, pricing, promotion, and placing products. Value: relative comparison of a product"s benefits versus its costs. Benefits include not only the functions of the product, but also the emotional satisfactions associated with owning, experiencing, or possessing it. Marketing strategies focus on increasing value for customers. Marketing resources are deployed to add value to products to satisfy customers" needs and wants. Utility: ability of a product to satisfy a human want or need. Time utility: make products available when consumers want them.
