Class Notes (839,150)
Canada (511,218)
Marketing (28)
MARK1020 (22)
Paul Balog (18)
Lecture

marketing 2.docx

2 Pages
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Department
Marketing
Course Code
MARK1020
Professor
Paul Balog

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HOW MARKETING BECAME SO IMPORTANT A. EVOLUTION OF THE MARKET ORIENTATION ALTHOUGH THEY OVERLAP, FOUR DISTINCT STAGES OF NORTH AMERICAN BUSINESS HISTORY CAN BE IDENTIFIED: 1. PRODUCTION ERA. BECAUSE GOODS WERE SCARCE, IT WAS ASSUMED PRODUCTS WOULD SELL THEM- SELVES, SO BUYERS WOULD ACCEPT ALMOST ANYTHING. FOCUS WAS ON MANUFACTURING. LASTED THROUGH THE 1920s. 2. SALES ERA. FOCUS WAS ON HIRING SALESPEOPLE TO FIND NEW MARKETS AND CUSTOMERS FOR THE FIRM'S EXISTING PRODUCTS. RAN FROM ABOUT 1920 TO 196Os. 3. MARKETING CONCEPT ERA. MARKETING CONCEPT IS THE IDEA THAT AN ORGANIZATION SHOULD: a. STRIVE TO SATISFY WANTS OF CONSUMERS b. WHILE TRYING TO ACHIEVE THE ORGANIZATION'S GOALS. MARKETING CONCEPT ERA MEANS A FIRM RECOGNIZES IT IS IN THE BUSINESS OF SATISFYING NEEDS AND WANTS OF CONSUMERS. ALTHOUGH MANY FIRMS HAVEN'T REALLY ACCEPTED THIS YET, THE MARKETING CONCEPT ERA STARTED GAINING ACCEPTANCE IN THE 1960S. 4. MARKET ORIENTATION ERA. MARKET ORIENTATION MEANS A FIRM FOCUSES ITS EFFORTS ON (1) CONTINUOUSLY COLLECTING INFORMATION ABOUT CUSTOMERS’ NEEDS AND COMPETITORS’ CAPABILITIES, (2) SHARING THIS INFORMATION ACROSS DEPARTMENTS, AND (3) USING THE INFORMATION TO CREATE CUSTOMER VALUE . TODAY, CUSTOMER RELATIONSHIP MANAGEMENT (CRM) IS AN IMPORTANT FACET OF MARKETING WHERE RELATIONSHIP STRATEGIES A
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