MGTA02H3 Lecture Notes - Lecture 2: Philip Kotler, Customer Relationship Management, Target Market
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Turning a concept into a satisfied customer a business must satisfy customer needs in order to make a profit a business must make a profit in order to satisfy customer needs. Adam smith the butcher, the brewer and the baker did not pursue their trades out of. A businessman makes their product out of satisfaction for their own self-interest no customers by product = no revenue = no profits no profit motive entrepreneurs = no incentive to produce the goods and services customers want. Product focus: an orientation towards producing improved goods and services for which an organization has proven expertise. Pours a greater part of its resources into making existing goods and services look better, perform better or achieve better results. Assumes that it understands the markets need and strives to meet them as effectively as possible by building on its proven expertise.
