ADM 1300 Lecture Notes - Lecture 10: Mass Customization, Gross Domestic Product, Data Mining
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3 Jan 2016
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ADM 1300 Full Course Notes
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Marketing: an organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Discover unmet customer needs; research potential market; produce a good/service capable of satisfying targeted customers; promote, price and distribute goods/service. Successful organizations focus on building customer relationships throughout. Utility; the power of a good or service to satisfy a want or need. Create time utility by making a good or service available when customers want to purchase it. Create place utility by making a product available in a location convenient for customers. Create ownership utility through an organize transfer of goods and service from the seller to the buyer. Marketing concept: a companywide consumer focus on promoting long-term success. Firm stats with analysis of customers" needs and works backward to offer products that fulfill them.