MGTA02H3 Chapter 5: MGTA04- Chapter 5 - Class 7 and 8.docx

• School: UTSC
• Department: Management (MGT)
• Course: MGTA02H3
• Professor: Bill Mc Conkey

Document Summary

Chapter 5: understanding marketing processes and consumer behavior. 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. Four activities that comprise the marketing mix: developing, pricing, promoting and placing products. Value compares a product"s benefits with its costs. Benefits of a high-value product > than cost. 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 customer. Marketing resources are deployed to add value to products to satisfy customers" needs and wants. Satisfying customers may mean developing an entirely new product that performs better than existing products or may mean keeping a store open extra hours during a busy season.