AFM131 Study Guide - Midterm Guide: Social Media Marketing, Sales Promotion, Brand Management

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Bob Sproule

Document Summary

Chapter 14 marketing: building customer and stakeholder relationships. Marketing a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Marketing concept a three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. Market orientation focusing efforts on (1) continuously collecting information about customers" capabilities, (2) sharing this information throughout the organization, and (3) using the information to create value, ensure customer satisfaction, and develop customer relationships. Customer-relationship management (crm) the process of building long-term relationships with customers by delivering customer value and satisfaction. Social media the term commonly given to web sites and online tools that allow users to interact with each other in some way by sharing information, opinions, knowledge and interests. Marketing mix the ingredients that go into a marketing program: product, price, place, and promotion. Product any physical good, service, or idea that satisfies a want or need.