GMS 804 Lecture Notes - Lecture 3: Laundry Detergent, Procter & Gamble, Walmart

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 804
• Professor: Hossein Zolfagharinia

Document Summary

Week 3 what is marketing: what is marketing, marketing plays a critical role as providing value to customers drives all actions of the organization and the supply chain. Marketing function: marketing is the function responsible for linking the organization to its customers and is concerned with the downstream part of the supply chain. Challenge to sell at a price that exceeded the cost. Firms focused on products that could be made most efficiently as offering low-cost products in the marketplace automatically created demand. Marketing was a function that was performed after the product was developed and produced little attention to customers" needs. Customers would buy only those products that precisely met their needs. Needs began changing rapidly and were not immediately obvious. The marketing concept developed to focus on identifying customers needs increasingly global environment and keeping customers satisfied. Companies focused on maximizing short-term transactions with their customers.