RSM100Y1 Chapter Notes - Chapter 11: Gross Domestic Product, Data Mining, Marketing Mix
Document Summary
Marketing an organizational function and 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. Sell goods and services, help ppl support ideas or viewpoints and educate others. Discover unmet customer needs and continues with several tasks: research the potential market; produce a good or service that satisfy the targeted customers; promote, price, and distribute that good or service. Exchange process an activity in which two or more parties trade something of value (such as goods, services, or cash) that satisfies each other"s needs. Utility the power of a good or service to satisfy a want or need. Production function from utility: convert raw materials, component parts, and other inputs into finished goods and services. Time utility: make goods available when customers want to purchase it. Place utility: make a product available in a location convenient for customers.
