AFM131 Study Guide - Midterm Guide: Marketing Strategy, Marketing Mix, Mass Customization

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Darren Charters

Document Summary

Material of the second midterm, including the following: chapter 5: marketing i, chapter 6: Marketing ii, chapter 7: operations, and chapter 8: finance. Marketing concept: customer orientation what consumers want - > provide to them, service orientation. Ensure everyone in organization has same objective: customer satisfaction. Focus on goods/services that will earn most profit: profit organization. Much of what marketing people do has been divided into four factors: product, price, place, promotion. Test marketing process of testing products among potential users. Any physical good, service, or idea that satisfies a want or need. Word, device (design, shape, sound or colour) or combination of these used to distinguish seller"s goods or services from competitors. All techniques sellers use to motivate customers to buy their products. Money or other consideration (including other goods/services) exchanged for ownership or use of good/service. Analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.