MHR 523 Lecture Notes - Customer Relationship Management, Strategic Planning, Marketing
27 Feb 2013
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Document Summary
Marketing- a set of business practices designed to plan for and present an organization"s products or services in way that build effective customer relationship. Requires thoughtful planning with an emphasis on the ethical implications of any of those decision on consumers and society in general. Firms develop a marketing plan that specifies the marketing activities for a specific period of time. Marketing plan is broken down into various components- how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer. Buyer and seller should be satisfied with the value they obtained from a transaction. Marketing is about satisfying customer needs and wants. A need is when a person feels deprived of the basic necessities of life, such as food, clothing, shelter, or safety. A want is the particular way in which the person chooses to fulfill his or her needs.
