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COMMERCE 1E03 Final: Chapter 14 Exam Study Guide

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McMaster University
Rita Cossa

Chapter14-Marketing Marketing - a set of business practices to plan and present an organization's new product or services that build effective customer relationships • Usually focused on helping the seller, sell • Most people think of it as: Seller to Buyer • Now a days, its about helping the Buyer buy Marketing Eras: The Production Era • From the time Europeans arrived in Canada until the start of the 1900's • Philosophy "Produce as much as you can as there is a limitless market for it" • Limited production capability • High demand for products • Demand exceeded supply • Business owners were mostly farmers, carpenters and trade workers Sales Era Production capability often exceeded market demand • • Business philosophy turned from producing to selling • Emphasized advertising in an effort to persuade customers to buy existing products Marketing Concept Era • After world war II, soldiers returned to start business and begin families • Huge demand for goods and services • Baby boom caused huge birth rate and a boom in consumer spending • Competition was fierce • Marketing Concept was developed, consisted of: 1. Customer Orientation • Find what the customers want, then provide it for them 2. Service Orientation • Make sure everyone in the company from the president to ground level workers have the same motto, Customer Service is Key 3. Profit Orientation • Focus on the goods and services the will reel in the most profit Market Orientation Era • Firms in this era focus on Market Orientation: 1. Continuously collecting information about customers' needs and competitors' capabilities 2. Sharing this information throughout the organization 3. Using this information to create value, ensure customer satisfaction and develop customer relationships • Using Customer Relationship Management - the long term process of building customer relationships Social Media Marketing Era • Social Media Marketing is divided into two dimensions: 1. Social media marketing is about consumer generated online marketing efforts to promote brands and companies for which they are fans 2. Social media marketing is the use by marketers of online tools and platforms to promote their brands or organizations • The most common tools or platforms used by both consumers and organizations are social networking sites The Marketing Mix 4 P's Price - designing a wanting/satisfying product Product - setting a price for the product Place - getting the product in a place where people will buy it Promotion - promoting the product effectively Applying the Marketing Process with the Four P's 1. Find Opportunities 2. Conduct research 3. Identify a target market 4. Design a product to meet the need based on research (Product) 5. Do concept testing that includes determining a brand name, design and package 6. Set a price (Price) 7. Select a distribution system (Place) 8. Design a promotional program (Promotion) 9. Build a relationship with customers Designing a Product to Meet customer needs Test Marketing o The process of testing new products among potential users The Service Continuum o Brand Name o A word, letter or group of words or letters that differentiate one seller's goods and services from those of competitors Setting an appropriate Price • Price is the money or other consideration (other goods and services) exchanged for the ownership or the use of a good or service • The price depends on a number of factors including: o Competitiveness o To attract business (low ball) o To maximize profit from a high quality product
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