Management and Organizational Studies 2320A/B Study Guide - Midterm Guide: Customer Relationship Management, Market Segmentation, Critical Success Factor
29 Oct 2017
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Marketing: set of business practices designed to plan for and present an relationships. Marketing is about satisfying customer"s needs and wants: Target market: segment of population who the firm is interested in selling to . Marketing mix: marketing requires marketing mix decisions the (cid:886) p"s (cid:523)price, Want: the way in which a person chooses to satisfy a need, shaped by knowledge, culture and personality although marketers would prefer to sell to everybody, this is rarely feasible. Product: creating value: create value, satisfy customer needs. Place: delivering value: all activities necessary to get the product from the manufacturer or producer to the right customer when that customer wants it. Promotion: communicating value: promotion is communication by a marketer that informs, persuades and. Product orientation: product-orientated companies focus on developing and distributing innovative products with little concern about whether the products best satisfy customer needs (cid:498)good product sells itself(cid:499) Value-based orientation: responsibility) needs and in turn develop long-term loyalties: building customer relationships:
