MGM101H5 Study Guide - Midterm Guide: Marketing Mix, Personal Selling, List Price
25
MGM101H5 Full Course Notes
Verified Note
25 documents
Document Summary
Marketing is the process of determining customer needs and wants, and then developing goods and services that meet or exceed those expectations: name and describe the four eras of marketing. Production era (up to 1900s): due to limited production capabilities and demand exceeding supply, emphasis was on production. Sales era (1990s-1920s): as mass production methods were developed and supply exceeding demand, emphasis was turned to selling and advertising to customers. Marketing concept era (1950s-1990s): after the second world war, increased demand and consumer spending shifted the focus of businesses to customers wants and needs. This era gave birth to the marketing concept. Primary data is data that you gather yourself through personal interviews, observations, surveys and focus groups. It is the process of identifying the factors that can affect marketing success: describe the five factors that can affect marketing success.
