MGTA02H3 Chapter Notes - Chapter 5: Market Segmentation, Marketing Mix, Marketing Plan
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MGTA02H3 Full Course Notes
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Mgta04 chapter 5: understanding marketing: market segmentation and market research. Marketing: planning and executing the development, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy both buyers and seller"s objectives. We are influenced by marketing activities of companies that want us to buy their products. Our needs and wants are the driving forces of marketing. Marketing concept: the idea that the whole firm is coordinated towards serving present and potential customers at a profit firm must get to know what customers want and must understand changes in taste that occur. Marketing focuses on providing value and utility for customers. Value: relative comparison of a products benefits versus its costs: value=benefits/costs. Satisfied buyer perceives the benefits derived from a purchase to be greater than its costs. Benefits not only include features but also emotional satisfaction associated with owning, experiencing, and possessing it. Marketing strategies focus on increasing value for customers.
