RSM100Y1 Chapter 11: RSM100 CH11
Document Summary
The best marketers anticipate and expect consumer wants and needs before consumers see those needs. Marketers can get ahead of the competition by helping consumers create a link between their new need and the fulfillment of that need by the marketers" products. The marketing process includes: researching the potential market, producing a good or service that can satisfy the targeted customers, and promoting, pricing, and distributing that good or service. A successful organization focuses on building customer relationships. Exchange process- an activity in which two or more parties trade something of value that satisfies each other"s needs. Utility- the power of a good or service to satisfy a want or need. Production creates form utility- converting raw materials into finished goods. Marketing creates three types of utilities: time utility, place utility, and ownership utility. Time utility- making a good available when customers want to purchase it. Place utility- making a product available in a location convenient for customers.
