Textbook Notes (368,774)
Canada (162,158)
RSM100Y1 (431)
Chapter 15

chapter 15

10 Pages
Unlock Document

Rotman Commerce
Stojanovic Dragan

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
More Less

Related notes for RSM100Y1

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.