ARBUS101 Lecture Notes - Lecture 10: Social Media Marketing, Market Orientation, Marketing Mix
28 Oct 2016
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Document Summary
Marketing: how to plan and present products/services to build effective customer relationships. Market: group of people with unsatisfied wants and needs who have the resources and willingness to buy. A market is created as a result of this demand for goods and services. What marketers do at any particular time will depend on what needs to be done to fill customers" needs. Find a need and fill it concept is core to marketing. Today, marketing is about helping the buyer buy. Evolution of marketing: production era - produce as much as possible because there is a limitless market. Because demand exceeded supply, that philosophy was logical and profitable. Sales era - production capacity often exceeded the immediate market demand. Therefore, the business philosophy turned from producing to selling. Advancements in production process: marketing concept era - postwar, there was baby boom, there was a boom in consumer spending.
