COMMERCE 2MA3 Lecture Notes - Lecture 3: Market Orientation, Marketing, Retail

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Bharat L Sud

Document Summary

Promotion informs, reminds and persuades individuals to buy products. Social media is used to foster communication and form dialogues. Henry ford is credited with the product orientation. Sales orientation discounts, sales, pushing the product through. Market orientation figure out needs and wants of consumers and then make the product. Value-based orientation similar to market orientation and businesses think about providing more value to the end consumer. The perception of the value was different for all three family members. Information is critical for the success of companies. Value is the difference between benefits and costs. Consumer advocacy: first aspect willing to talk to family and friends about it. It is also known as positive word of mouth for the brand. Second aspect help other customers who may have questions about the brand. Third aspect when the brand encounters problems, advocates aid the brand. Avon customers are women who are concerned about breast cancer.