MGMT 105 Lecture Notes - Lecture 1: Marketing, History Of Marketing, Market Orientation
Document Summary
Intro to marketing (mgmt 105) lecture notes 1. Marketing strategies are constantly changing to create value for customers at large. Production orientation: consistency and low prices, efficiency: must master process of production and the product itself. Market orientation: combination of production and sales orientation: establishes a well-defined target market, knows the needs and wants of target customers, leads to profits by delivering desired satisfactions. Every company must decide who they are serving. Crm (customer retention management): important for companies to retain customers. They will buy more which will increase sales. They will give good referrals to others. Market penetration: increase sales of present products in present markets. Market development: increase sales of present products in new markets. Disadvantage: higher cost, need of more resources. Product development: offering new or improved products in present markets. Disadvantage: higher cost, can confuse customers of your brand or company. Diversification: moving into totally different lines of business new products, new markets.
