AFM131 Lecture Notes - Lecture 10: Market Orientation, Market Segmentation, Social Media Marketing

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Shift from seller focus to helping the buyer buy: having robust online presence, more variety and more info about product and prices. Produce as much as possible to meet demand. Advancements in production processes production capacity often exceeded immediate market demand so focus shifted to selling. Even more focused on the customer through. Using info to create value, ensure customer satisfaction, and develop customer relationships. Consumers engage with organizations and other consumers to share information, opinion, knowledge, and interests. Need to manage risk and manage your brand. Product: any physical good, service, or idea that satisfies a want/need, using crowdsourcing for development. Price: money or other consideration exchanged for ownership or use of a good/service, are you covering your costs to produce and sell your products, how do you stay competitive, and how much do conusmers want to pay. Place: how to get your product to the customer, what places will maximize exposure, might reach out to intermediaries.