MGMT 1000 Chapter 12: Business- Chapter 12 Notes

• School: University of Guelph
• Department: Management
• Course: MGMT 1000
• Professor: Kathleen Rodenburg

Document Summary

Marketing= an organizational function and a set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing concept: the idea that the whole firm is directed toward serving present and potential customers at a profit. Value: a relative comparison of a products benefits versus its costs (benefits/ cots) To satisfy customers a company may do any of the following: Develop an entirely new product that performs better (provides greater performance benefits) than existing products. Keep a store open longer hours during a busy season (convenience) Offer info that explains how a product can be used in new ways (new uses at no added cost) Utility=the ability of a product to satisfy a human want or need. Marketing strives to provide four kinds of utility in the following ways: Time utility: providing products when customers will want them.