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RSM100Y1 (431)
Chapter 15

chapter 15

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Department
Rotman Commerce
Course
RSM100Y1
Professor
Stojanovic Dragan
Semester
Winter

Description
CHAPTER 15 UNDERSTANDING MARKETING PROCESSES AND CONSUMER BEHAVIOURWHAT IS MARKETING y 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 y As consumers we are the essential ingredients in the marketing processour needs and wants are the forces that drive marketing y Marketing Concept the idea that the whole firm is directed toward serving present and potential customers at a profit y Means that a firm must get to know what customers really want and follow closely the changes in tastes that occur y The various department of the firm must operate as a system to achieve customer satisfaction Providing Value and Satisfaction y Desire for stuffunwanted limited financial resources force most of us to be selective y Consumers buy products that offer the best value when it comes to meeting their needs and wants1 Value and Benefits y Value relative comparison of a products benefits vs its costs y Benefits of highvalue products are much greater than its costs y Benefits include not only the functions of the product but also the emotional satisfaction associated with owning experiencing or possessing it y Every product has costs including sales price the expenditure of the buyers time and emotional costs of making a purchase decision y VALUEBENEFITSCOSTS y Marketing strategies focus on increasing value for customers y Marketing resources are deployed to add value to products to satisfy consumers needs and wants y Satisfying customers might mean developing an entirely new product that performs better than existing products provides greater benefit keeping a store open extra hours during busy season adding the benefit of greater shopping convenience offering price reductions benefit of lower cost and from informational promotion that explains how a product can be used in new ways2 Value and Utility y Products provide consumers with utilitythe ability of a product to satisfy a human want or need y Marketing strives to provide four kinds of utilityTime Utility makes products available when consumers want them Christmas stuff
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