Chapter 14 Study Notes Notes from the Introduction to North American Business textbook chapter 14 regarding marketing. Summarized in less than 7 pages. Study notes can be used independently without reliance on textbook

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University of Waterloo
Accounting & Financial Management
AFM 131
Robert Sproule

Chapter 14: Marketing: Building Customer and Stakeholder Relationships What is marketing? Marketing o Process of determining customers needs and wants and then developing goods and services that meet or exceed those expectation Green Marketing o Marketing efforts to produce, promote and reclaim environmentally-sensitive products Evolution of Marketing The Production Era From first European settlers arrived in Canada until the start of 1990s, general philosophy of business was to produce as much as possible. Manufactures focused on production, as most goods were bought as soon as they became available. Greatest marketing need was for distribution and storage The Sales Era By 1920s, businesses developed mass production techniques and production capacity often exceeded the immediate market demand. Business philosophy turned from emphasis on production to an emphasis on selling. Most companies emphasized selling and advertising in an effort to persuade consumers to buy existing produces; few offered services after sale Marketing Concept Era After 1945, there was tremendous demand for goods and services among retuning soldiers who were starting new careers and beginning families. Because the baby boom happened soon after, businesses recognized the need to be responsive to consumers if they wanted to get their business, and a philosophy called marketing concept emerged in 1950s Process went slowly during 1960s and 1970s but during 1980s this concept was pushed more aggressively which lead to the focus on customer relationship management (CRM) Marketing concept Three part business philosophy A customer orientation Find out what consumers want and provide it for them Service orientation Ensure that everyone in the organization have the same objective: customer satisfaction Profit Orientation Focus on those goods and services that will earn the most profit and enable organization to survive and expand to serve more consumers wants and needs Customer relationship era 1990s and early 2000s: Managers extended marketing concept by adopting the concept of customer relationship management Idea is to enhance customer satisfaction and stimulate long term customer loyalty th 70941871.doc 7 Edition Page 1 of 7Customer relationship management Process of learning as much as possible about customers and doing everything you can to satisfy them- or even exceed their expectations-with goods and services over time Non Profit Organizations prospers from Marketing o Charities use marketing to raise funds or to obtain other resources (recruiting 80,000 blood donors through television campaign), Churches use marketing to attract new members and to raise funds, politicians use marketing to get votes, provinces use marketing to attract new businesses and tourist, schools use marketing to attract new students, and etc The Marketing Mix - Ingredient that go into a marketing program: product, price, place and promotion - Managing the controllable part of the marketing process involves designing a want-satisfying product, setting a price for the product, putting the product in a place where people will buy it and promoting the product Applying the Marketing Process o Best ways to understand the entire marketing process is to take a product and follow the process that led to its development and sale o Findconduct research identify a target market design a product to met the need based on research and then conduct product testingdetermine brand name and design a package set a price select a distribution system design a promotional program build
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