AFM131 Study Guide - Midterm Guide: Statistical Process Control, Sales Promotion, Profit Margin

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

Document Summary

Marketing = process of determining customer needs and wants and then developing gs that meet these expectations. Green marketing: market efforts to produce environmentally sensitive products. Secondary data = info that has already been compiled by others. Primary data = info gathered by yourself (eg. via focus group) Environmental scanning: process of identifying the factors that can affect marketing success. Two different markets: consumer market: all individuals or households that want gs for personal use, business-to-business: all individuals and organizations that want gs to use in producing other gs. Market segmentation: process of dividing the total market into groups whose members have similar characteristics. Mass marketing = developing products and promotions to please large groups of people. Relationship marketing = goal of keeping individual customers over time. Cognitive dissonance: psychological conflict that can occur after a purchase. Business buyers thought to be more rational.