MGTA02H3 Chapter Notes - Chapter 5: Market Segmentation, Customer Relationship Management, Marketing Plan

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MGTA02H3 Full Course Notes
MGTA02H3 Full Course Notes
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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. Value is relative comparison of a product"s 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. Marketing strategies focus on increasing value for customers. Utility is ability of a product to satisfy a human want or need. Consumer goods are products purchased by individuals for their personal use: firms that sell products to consumers for personal consumption are engaged in consumer marketing. Industrial goods are products purchased by companies to use directly or indirectly to produce other products: firms that sell products to other manufacturers are engaged in industrial marketing. Services are intangible products, such as time, expertise, or an activity that can be purchased. Service marketing has become a major growth area in canada.