Class notes
BU121 - Class 9
- Course
- Bu121 (BU121)
- Institution
- Wilfrid Laurier University (WLU )
Lecture notes of 3 pages for the course bu121 at WLU (BU121 - Class 9)
[Show more]
Seller
Follow
Content preview
BU121 - Class 9: Understanding Marketing and Principles and DevelopingProducts
☆ Can only be tested on what is taught in class, not the textbook sections she doesn’t cover
What is marketing?
● 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
What is the marketing concept?
● Whole firm is coordinated toward serving present and potential customers (at a profit)
○ Understand customer needs first, then determine how to satisfy them. Eg.
determine desirability first, then address feasibility and viability
○ Pursuing customer satisfaction is everyone’s job (not just marketing department)
What is product value and utility?
Value = relative comparison of benefits vs. costs
Utility = ability of a product to satisfy human want or need
Form utility = product design is desirable
Time utility = product is offered when customer wants it
Place utility = product is offered where customer wants it
Possession utility = transfer of product ownership (access) is desirable
What is relationship Marketing?
● Strategy that emphasizes building lasting relationships with customers as well as
suppliers
○ Customer relationship management (CRM) leverages online communications and
customers data
■ Attract new clients
■ Identify and connect with best clients
What is the External Marketing Environment?
● PEST + competition
○ Political, economic, social, technological factors
○ Competitive forces
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller spham12. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$26.62. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now