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Chapter 14

COMMERCE 1BA3 Chapter 14: Chapter 14 Business Environment Notes

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Rita Cossa

Chapter 14 Business Environment Notes • Marketing: set of business practices designed to plan for and present an organization's products or services in ways that build effective customer relationships. • Marketing is now thought of “helping the buyer buy” • The Evolution of marketing included 5 era’s: 1. Production Era: Until the early 1900’s business philosophy was Produce as much as you can because there is a limitless market for it 2. The Sales Era: business philosophy turned from producing to selling. Most companies emphasized selling and advertising in an effort to persuade customers to buy existing products. Few offered extensive service after the sale. 3. The marketing concept era: Took place after WWII, Businesses recognized that they needed to be responsive to customers if they wanted to get their business, and a philosophy called the marketing concept emerged in the 1950s. (Marketing concept had three parts- 1) A customer orientation 2) A service orientation 3) Profit orientation) 4. Marketing Orientation Era: focus their efforts on (1) continuously collecting information about customers’ needs and competitors’ capabilities, (2) sharing this information throughout the organization, and (3) using the information to create value, ensure customer satisfaction, and develop customer relationships. (From 1990 onward) 5. Social media marketing era: Using Social media to advertise a product to consumers. • The Marketing orientation and Social media era are both currently happening • The marketing mix includes four factors: Product, Price, Place and Promotion • • Some businesses are based off good and service or tangible and intangible products. Some have more of one and less of the other • Test marketing: The process of testing products among potential users • Brand name: a word, letter, or group of words or letters that differentiates one seller's goods or services from those of competitors. • Promotion consists of all the techniques sellers use to inform people and motivate them to buy their goods or services • Marketing research: The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions. • The Marketing Research process: 1. Defining the question (the problem or opportunity) and determining the present situation; 2. Collecting research data; 3. Analyzing the research data; and 4. Choosing the best solution and implementing it. • Focus group: A group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues. • Observation: Involves watching people either mechanically or in person • Environmental scanning: the process of identifying the factors that can affect marketing success. • The marketing Environment: • Consumer Market: consists of all individuals or househ
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