Midterm #2 Review 9 pages of notes on the content from chapter 14, 15, 10 and 17, includes diagram of the product life cycle

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Accounting & Financial Management
AFM 131
Robert Sproule

Chapter 14 Marketingmarketing process of determining customer needs and wants and the developing of GS that meet or exceed those expectationsgreen marketing marketing efforts to produce promote and reclaim environmentally sensitive productsproduct eraproduce as much as possible since DS focused on distribution and storage 1900ssales era1920s emphasis on selling and persuading customers to buy existing productsmarketing concept eraafter WWII great demand1customer orientation find out what consumers want and produce2service orientation objective of customer satisfaction3profit orientation focus on most profitable GScustomer 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 GS not for profit organizations rely heavily on marketingmarketing mix ingredients that go into a marketing program produce price place and promotiongetting the product to the consumer when and where they want is critical to marketing successlistening to customers and responding to their needs is key to marketingmarketing research analysis of markets to determine opportunities and challenges and to find the info needed to make good decisions1determining the present situationfind problems alternatives and info needed2collecting datasecondary data or primary data which can be more expensive done by questionnaires observing customers and personal interviews 3analyzing the research datacombine all data and find out how to use to your advantage4choosing the best solutioncorrective action if it doesnt work ethics is very importantfocus group small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization its products or other issuesenvironmental scanning process of identifying the factors that can affect marketing success which included global factors technological factors sociocultural factors competitive economic legal and regulatory consumer market all individuals or households that want GS for personal consumption or useB2B all individuals and organizations that want GS to use in producing other GS or to rent sell or supply goods to othersConsumer Marketmarket segmentation process of dividing total market into groups whose members have similar characteristicstarget marketing marketing directed toward those groups of market segments an organization decides it can serve profitablygeographic segmentation dividing the market by geographical area
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