AFM131 Lecture Notes - Lecture 4: Social Media Marketing, Customer Relationship Management, Otaku

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

Document Summary

Set of business practices to plan and present a product or service in ways that builds effective customer relationships. A market is a group of people with unsatisfied wants and needs who have resources to buy. Shift from helping the seller sell focus to helping the buyer buy. Wise marketers provide a lot of information online and even try to develop relationships using blogs and social networking sites. What marketers do depends on what they need to do to fill customers" needs and wants which continuously change. General philosophy of business was produce as much as you can because there is a limitless market for it. Given limited production capability, this philosophy was logical and profitable. Businesses started to develop mass production techniques. Production capacity often exceeded immediate market demand. Businesses philosophy changed from producing to selling. Most companies emphasized selling and advertising to persuade customers to buy existing products.