COMMERCE 1E03 Chapter Notes - Chapter 14: Social Media Marketing, Market Orientation, Customer Relationship Management

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1E03
• Professor: Rita Cossa

Document Summary

Marketing: a set of (cid:271)usi(cid:374)ess pra(cid:272)ti(cid:272)es desig(cid:374)ed to pla(cid:374) for a(cid:374)d prese(cid:374)t a(cid:374) orga(cid:374)izatio(cid:374)"s produ(cid:272)ts or services in ways that build effective customer relationships. Marketing concept: a three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. Market orientation: fo(cid:272)usi(cid:374)g efforts o(cid:374) (cid:894)(cid:1005)(cid:895) (cid:272)o(cid:374)ti(cid:374)uously (cid:272)olle(cid:272)ti(cid:374)g i(cid:374)for(cid:373)atio(cid:374) a(cid:271)out (cid:272)usto(cid:373)ers" (cid:374)eeds a(cid:374)d (cid:272)o(cid:373)petitors" (cid:272)apa(cid:271)ilities, (cid:894)(cid:1006)) sharing this information to create value, ensure customer satisfaction, and develop customer relationships. Customer-relationship management (crm): the process of building long-term relationships with customers by delivering customer value and satisfaction. Social media: the term commonly given to web sites and online tools that allow users to interact with each other in some way-by sharing information, opinions, knowledge, and interests. Marketing mix: the ingredients that go into a marketing program: product, price, place, and promotion. Product: any physical good, service or idea that satisfies a want or need. Test marketing: the process of testing products among potential users.