MGTA01H3 Chapter Notes - Chapter 2: Customer Relationship Management, Voice Of The Customer, Profit Motive

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Chapter 2 marketing: satisfying customer needs and wants. Without customers to buy the product, the business will generate no revenues and therefore no profits. At the same time, without the profit motive entrepreneurs will have no incentive to produce the goods and services that customers want. Marketing - the business function concerned with planning and organising the creation of a product, determining a price that people will pay, making the product known and making it available to customers. Product focus: an orientation toward producing improved goods and services for which an organisation has proven expertise. A product focused business assumes that it understands the market"s needs and strives to meet them as effectively as possible by building on its proven expertise. Customer focus: an orientation toward determining the needs and wants of customers in the market and developing the goods and services that meet those needs. A customer focused business does not assume it knows what customers want.