MGCR 352 Study Guide - Final Guide: Market Segmentation, Procter & Gamble, Consumer Privacy

• School: McGill University
• Department: Management Core
• Course: MGCR 352
• Professor: Nathan Yang

Document Summary

Marketing: customer value, satisfaction, customer relationships and customer experiences. Definition: marketing is the activity for creating, communicating, delivering, and exchanging ideas and services that benefit the organization, its stakeholders, and society at large. Requirements for marketing: two or more parties with unsatisfied needs, the desire and ability to satisfy those needs, a way for the parties to communicate, something to exchange. Consumers who buy, organizations that sell, and society as a whole. Effective marketing turns needs into a want for what they are selling. Controllable marketing mix factors (4ps: product, price, promotion, place) Uncontrollable environmental facts (social, economic, technological, competitive, regulatory) How marketing become so important: production era (until 1910) A good product will sell itself: sales era (1920 - 1960) Salespeople as a means to identify buyers: marketing concept era (1960 - 2000) Consumer rules: market orientation era (2000-2020) Create customer value, satisfaction, and develop long term relationships: customer experience management era (2002 - 2010)