[COMMERCE 2MA3] - Final Exam Guide - Ultimate 86 pages long Study Guide!

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Ambika Badh

Document Summary

Utility is needed to survive: is satisfaction. Conversion of raw materials into goods/services: mp3"s, phones, etc. Available when consumers need them: dentists, doctors etc. Availability where convenient: vending machines, etc. Transfer of ownership of goods: retail sales, cars etc. Production, sales, marketing, relationship and now digital are the 5 eras of marketing: production was till 1920s. Product sells itself: sales era till 1950s. Help to get over the resistance of customers: marketing era till 1990s. Transition to buyer"s market: relationship era since 1990s. Relationship marketing is primary marketing now used, maintaining customers in a perceived value added relationship. Marketing myopia is a frequent problem, can be fixed by focusing on customer"s needs, not product. Nfp (not for profit) is not focused on the bottom line, generates revenue to support their causes. Firm"s future is not determined by users: bigger than manufacturing, provides billion to gdp. Non-traditional marketing: did not exist before marketing era, person marketing.