Chapter 14 Marketing Check them out .. they also include videos and articles read in class!

6 Pages

Accounting & Financial Management
Course Code
AFM 131
Robert Sproule

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Chapter 14 – Marketing 1 Marketing – The process of determining customer needs and wants and then developing goods and services that meet or exceed these expectations. Green marketing – Marketing efforts to produce, promote, and reclaim environmentally sensitive products. The Evolution of Marketing The Production Era - Since the first European settlers came to Canada till the 1900s. - Demand exceeded supply. - Manufacturers focused on production. The Sales Era - Businesses had developed mass production techniques - Often production capacity exceeded market demand - Turned from emphasis on production to emphasis on selling. The Marketing Concept Era - After second world war, baby boom started - Businesses fought for customers. - Marketing concept emerged  Customer Orientation – find out what customers want and provide it to them.  Service Orientation – objective  customer satisfaction.  Profit Orientation – Focus on goods that are more profitable. The Customer Relationship Era - 1990s, adopting the concept of CRM (Consumer relationship management) is the process of learning as much as you can about customers and doing everything you can to satisfy them to stimulate long-term customer loyalty. The Marketing Mix - Ingredients that go into a marketing program  Product  Price  Place  Promotion Product – Any physical good, service, or idea that satisfies a want or need. Test Marketing – The process of testing products among potential users. Brand Name – A word, device (design, shape, sound, or color), or combination of these used to distinguish a seller’s goods or service from those of competitors. Price – The money or other consideration (including other goods & services) exchanged for the ownership or use of a good or service. Promotion - All of the techniques sellers use to motivate customers to buy their products. Marketing Research – The analysis of markets to determine opportunities and challenges and to find the information needed to make good decisions. 1) Defining the question 2) Collecting data Secondary data – Information that has already been compiled by others and published in journals and books or made available online. Primary data – Data that you gather yourself.  (Primary research technique – observation, survey)  Focus group – A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products or other issues. 3) Analyzing the research data 4) Choosing the best solution and implementing it The Marketing Environment Environmental scanning – The process of identifying the factors that can affect marketing success. Global Factors - Trade Agreements - Competition - Trade restrictions - Alliances Technological Factors - Telecommunications - Bar Codes - Data interchange - Internet changes Sociocultural Forces - Demographics - Values - Attitudes - Culture Competitive Factors - Speed - Service - Price - Selection Economic Factors - GDP - Disposable Income - Unemployment - Spending Income Legal and Regulatory Factors - Government enact laws and regulations to protect consumers and businesses. Consumer Market – All individuals or households that want goods and services for personal consumption or use. Business to Business market (B2B) – All individuals and organizations that want goods and services to use in producing other goods and services, or to sell, rent, or supply goods to others. Market segmentation – The process of dividing the total market into groups whose members
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