ADMS 2200 Lecture Notes - Lecture 1: Theodore Levitt, Tim Hortons, Marketing

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Andreas Strebinger

Document Summary

Every company must serve customer needs create customer satisfaction to succeed. We refer to the art and science of satisfying customers because. Marketing strategies are the tools that marketers use to identify and analyze customers" needs, then show that their company"s goods and services can meet those needs. Tomorrow"s market leaders will be companies that can make the most of these strategies to create satisfied customers. Production and marketing of goods and services are the essence of economic life in any society, creating a benefit called utility. Economists refer to the concept of utility, a term that refers to the ability of production and marketing to satisfy customers. Production and marketing create four types of utility: form, time, place, and ownership (or possession). Form utility is provided when goods and services are produced; that is, through production. Time utility is provided when goods and services are made conveniently available for customers.