MGTA05H3 Chapter Notes - Chapter 2: Communication Studies, Chocolate Bar, Everett Rogers

• School: UTSC
• Department: Management
• Course: MGTA05H3
• Professor: Chris Bovaird

Document Summary

A business must satisfy customers in order to make profit. At the same time, unless it makes a profit, a business cannot continue to satisfy customers. Product: whatever a purchaser hopes to get, or believes they are getting whenever they make a purchase from another individual or organisation. Public sector organisation: an organisation that is owned or funded by the government. Private sector: the part of the economy that is run by private individuals, usually with the aim of making a profit. Goods: products which can be seen and touched. Services: products which are experienced, but cannot be seen or touched. Goods cane be made in advance, services are performed immediately. Immediacy: the quality that makes something important or relevant because it is happening there and then. Many services require the involvement of the customer. High-contact services: services that require personal interaction with the customer. Low-contact services: service operations that don"t necessarily involve interaction with the customer.