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all ADM 2302 notes 1-16.docx

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Department
Administration
Course
ADM2320
Professor
All Professors
Semester
Spring

Description
Chapters 19 I wrote the summaries for and I would say theyre pretty thoroughSorry if theyre confusing and disorganized but theyre more condensed than the textbook912 I got from online other Notebro submissions12 is really not done at all1316 are just taken from slideshows online that really arent that great but if you do the practice tests attached you should cover the majority of the stuff GOOD LUCK Chapter1Marketing is a set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships how the product or service will be conceived or designed how much it should cost where and how it will be promoted and how it will get to the consumer Marketing is about an exchangetrade of things of value between buyer and sellerMarketing mix Product price place promotionPromotion is communication by a marketer that informs persuades and reminds potential buyers about a product or service to influence their opinions or elicit a responseB2B businesstobusiness and B2C businesstoconsumer and C2CSocial media is the use of Internet tools and software by individuals to easily and quickly create and share content such as information knowledge and insights with people who have similar interests to foster dialogue social relationships and personal identities Participants act as both publishers and consumers by creating sharing or remixing content such as videos images and texts Social media conversations and relationships may move freely between the online and physical context That is they may originate online and continue offline or vice versa Openness authenticity and transparency are key elements of effective social media First more than 90 percent of Canadian Internet users are actively engaged with social media with each visitor interacting with it for an average of 65 hours per month and downloading an 15average of 120 videos per month Social media is an excellent way to reach these consumers Second consumers are already carrying on conversations about companies their brands and services therefore to be part of the conversation or to initiate conversations companies must participate in social media Third social media enables marketers to accomplish many marketing goals such as promoting corporate social responsibility building customer relationships enhancing customer service building or defending their brands engaging customers in research and new product development and recruiting talent Four different marketing orientations or philosophies product orientation sales orientation market orientation and valuebased orientation Productoriented companies focus on developing and distributing innovative products with little concern about whether the products best satisfy customers needs Make product first and then try to sell without thinking of needs and then making the product Companies that have a sales orientation basically view marketing as a selling function where companies try to sell as many of their products as possible rather than focus on making products consumers really want Generally believe that if consumers try their products they will like them Marketoriented companies start out by focusing on what consumers want and need before they design make or attempt to sell their products and servicesMost successful firms today are market oriented That means they have gone beyond a production or sales orientation and attempt to discover and satisfy their customers needs and wants Value reflects the relationship of benefits to costs or what you get for what you give WHAT IS VALUE BASED BECOMING VALUE DRIVEN
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