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Commerce (1,696)
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Chapter 8

Chapter 8 – Marketing.docx

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Department
Commerce
Course
COMMERCE 1E03
Professor
Rita Cossa
Semester
Summer

Description
Chapter 8Marketing Building Customer and Stakeholder Relationships What is marketingMarketing the process of determining customer needs and wants and then developing goods and services that meet or exceed these expectationsGreen marketing marketing efforts to produce promote and reclaim environmentally sensitive products The evolution of marketingFour eras 1 Production eraFrom the first European settlers arrived in Canada to the start of the 1900s the general philosophy was to produce as much as possible this was logical and profitable 2 Sales eraMass production techniques were developed thus most companies now focused on selling and advertising in an effort to persuade consumers to buy existing products 3 Marketing concept eraPost WW2 the baby boom occurred and there was big demand for goods and services a boom in consumer spendingOrganizations realized they needed to be responsive to consumers if they wanted their business as competition was fierceMarketing concept had three parts 1 Customer orientationfind out what consumers what and provide it for them 2 Service orientationeveryone in the organization has the same objective customer satisfaction 3 Profit orientationfocus on goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs Led to the focus on customer relationship management CRM4 Customer relationship eraCustomer relationship management CRM the process of learning as much as possible about customers and doing everything you can to satisfy them or even exceed their expectations with goods and services over time Idea is to enhance customer satisfaction and stimulate longterm customer loyalty Nonprofit organizations prosper from marketingMarketing is critical for all organizations Charities use marketing to raise funds or to obtain other resources The marketing mixThe four Ps of marketing 1 Product 2 Price 3 Place
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