RSM219H1 Chapter Notes - Chapter 5: Market Segmentation, Marketing Mix, Target Market
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RSM219H1 Full Course Notes
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What is marketing: 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. Consumers are the essential ingredients in the marketing process. Needs and wants are the forces that drive marketing: marketing concept: the idea that the whole firm is directed toward serving present and potential customers at a profit. The whole firm is coordinated to achieve one goal. A firm must get to know what customers really want and follow closely the changes in tastes that occur: departments of the firm. Human resources: four activities that comprise the marketing mix. Providing value and satisfaction: value and benefits. Value: relative comparison of a product"s benefits versus its costs. Benefits include not only the functions of the product but also the emotional satisfactions associated with owning, experiencing, or possessing it.
