MGTA02H3 Chapter Notes - Chapter 5: Reference Group, Consumer Reports, Market Segmentation

• School: UTSC
• Department: Management (MGT)
• Course: MGTA02H3
• Professor: Bovaird/ Mc Conkey/ Lawrence

Document Summary

Chapter 5 understanding marketing: markets segmentation and. Marketing the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual (buyer) and organizational (seller) goals (objectives) The needs and wants of consumers are the most important element of the marketing process. Marketing concept the idea that the entire firm is directed towards serving its present and potential customers at a profit. Firms must determine what customers really want and follow changes in their tastes. All departments, including marketing, production, finance and human resources, must work together in a well coordinated and unified manner in order to pursuit the common goal of customer satisfaction. Limited financial resources force consumers to be selective, thus, consumers buy products that offer the best value in meeting needs and wants. Value relative comparison of a product"s benefits versus costs (high-value products have greater benefits than costs)