MGM101H5 Lecture Notes - Lecture 5: Customer Relationship Management, Social Media Marketing, Market Orientation

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13 Dec 2018

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Many people think of marketing as selling or advertising
Selling and advertising are part of marketing
Marketing refers to set of business practices designed to plan for and Present an
organizations products or services in ways that build effective customer relationships
A market is defined as group of people with unsatisfied wants and needs who have the
resources and willingness to buy
The “find a need and fill it “ concept is core of marketing
The easier a marketeer makes a purchase decision process the more he will sell
Marketing is activities of buying and selling for satisfying needs
Helping buyers buy also makes the seller sell
Much of future of marketing lies in mining such online conversation and responding
Evolution of marketing :
What marketeers do in any particular time depends on what they need to do to
fill customers needs and wants which are changing continuously
There are five eras known in evolution of marketing and they are as follows :
Production era:
o The idea was to produce as much as you can because there is
limitless market for it
Sales era
o Businesses has developed mass production techniques and
production exceeded the demand
Marketing era :
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