ECON344 : ECON 344 Textbook Summary [Full Course] File contains concise, easy-to-read summaries of assigned textbook readings. Readings arranged chronologically by when they were assigned for ease of use; organized by chapter for increased readability.

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afm-og

16 Oct 2011

School

University of Waterloo

Department

Economics

Course

ECON344

Professor

Harp Arora

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Document Summary

Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Need: a person feeling physiologically deprived of basic necessities, such as food, clothing, shelter and safety. Want: the particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture and personality. Market: refers to the groups of people to whom an organization is interested in marketing its products, services or ideas. Target market: the customer segment or group to whom the firm is interested in selling its products and services; potential customers who have both an interest in the product or service and the ability to buy. Exchange: the trade of things of value between the buyer and the seller so that each is better off as a result.

Related Questions

CRM is used by companies that want to:

a.	track customers through their site.
b.	design marketing campaigns.
c.	re-design the website.
d.	improve customer service.
e.	all of the above

The primary goal of CRM is:

a.	marketing
b.	sales
c.	service
d.	personalization
e.	all of the above

The first phase in CRM is:

a.	acquire new customers.
b.	enhance the profitability of existing customers.
c.	data capture.
d.	retain existing customers.
e.	issuing passwords

Central depositories that are used to organize, store, analyze, and report upon data for decision-making purposes are known as:

a.	data marts.
b.	CRM applications.
c.	relational database systems.
d.	data warehouses.
e.	log files.

The key functional areas of focus for CRM are:

a.	marketing, sales, and service.
b.	technology, business processes, and human resources.
c.	intranet, extranet, and internet.
d.	marketing, business processes, and service.
e.	marketing, internet, and intranet.