financial management.pdf

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University of Toronto Mississauga
Kalina Staub

Wednesday December 4 2013Marketing what is marketingProcess of planning Executing the conception pricing promotion and distribution of good and service To facilitate exchanges that satisfy individual and organizational objectives The main term in marketing is marketmarket is dened as a group of people with unsatised wants and needs who have resources and willingness to buy product A market is therefore created as result of this demand for goods and servicesThese wants and needs continue to change Green marketing refer to marketing efforts to produce promote and reclaim environmentallysensitive product How change has inuenced the evolution of marketing The evolution of marketing involved 4 eras1production eraNew settlers arrived in CanadaThe general philosophy of business was to produce as much as possibleGiven the limited production capacities and vast demand such a production orientation was both logically and protable2 sales eraBusiness had developed mass production techniqueseg Assembly lineproduction capacity often exceeds the immediate market demand The business philosophy turned from an emphasis on production to an emphasis on selling and advertising In an efforts to persuade consumer to buy existing products 1Wednesday December 4 2013Few offered service after sale 3 The market concept era After 2nd world war in1945tremendous demand for good and service among returning soldiers who were staring new careers and beginning families Baby boom and a increased consumer spending Organizations recognized the need to be responsive to consumers if they want to get their business and a philosophy is called marketing emerged in 1950sThe market concept had 3 parts1a consumer orientation Emphasis on meeting consumer need rather than on promotion or sales2A service orientation organization objectiveconsumer satisfaction3Prot orientation focus on those good and services that will earn max prot and enable the organization survive and expand to serve more consumer wants ad needs4 The customer relationship CRM era manager extended the marketing concept by adopting the concept of CRMCRM is the process of learning as much as possible about customers and doing everything you can satisfy them or even exceeds To stimulate longterm customer loyaltyNonprot organization prosper from marketCharities use marketing to raise funds or to obtain other resources the marketing concept emphasis on Prot Orientation marketing is a critical part of all organizations wether for prot or nonprot2
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