BA 1100 Lecture Notes - Lecture 5: Marketing, Customer Relationship Management, Customer Satisfaction

• School: Ohio University
• Department: Business Administration
• Course: BA 1100
• Professor: Tim Reynolds

Document Summary

Nature of marketing vital part of any business undertaking is marketing, a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. These activities create value because organizations can obtain what they need and want. Only business function directly responsible for creating sales and revenue; other functions must be coordinated with marketing. Due to varied preferences among consumers, few principles can be applied consistently; markets tend to fragment. At the core of every business is the exchange, the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, ideas). Businesses exchange their goods/services/ideas for money or credit supplied by customers in voluntary exchange relationship. Certain conditions are required for an exchange to occur: buyers/sellers must be able to communicate about the something of value , buyers/sellers must be willing to give up their something of value to receive the new something of value .