Chapter 14 Marketing I Textbook Notes

6 Pages
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Department
Accounting & Financial Management
Course Code
AFM 131
Professor
Robert Sproule

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Description
Chapter 14Marketing I What is marketing DefinitionA set of business practices designed to plan for and present an organizations product or service or ideas in ways that build customer relationshipsActivities that buyers and sellers perform to facilitate mutually satisfying exchangesMarketA group of people with unsatisfied wants needs and the resources and willingness to buyFinding a need and filling itChange from helping the seller sell to helping the buyer buyThe internetsearch online for vehicle comparison of prices and feature show up knowing what exactly what they want o No need to push the information needs to compete for the best informationUniversity choosingno need to visit from campus to campus all done onlineSellers inform customers and cultivate customer relationships with blogs and social networking sites and buyers search for good deals and interact with each otherOnline reputation also matters due to comments and from other buyers need to monitor them and respond appropriatelyThe Evolution of MarketingProduction 1800s1930so Demand exceeded supply focused on more efficient production o Produce as much as possible o Mostly farmers carpenters and trades workersOil industry todaySales 20s60s o Supply exceeded demand due to mass production techniques o Focus on persuading customers to buy o Not much service after the saleMarketing Concept50s90s o After the war both demand and supply increased due to baby boomNow more focus on being responsive to customers o Customer Orientation find out what they want and provide itEx Varying calf size boots o Service Orientation Whole organization focused on customer satisfaction o Profit Orientation Focus on most profitable products or services so the business survivesMarket Orientation 90s2020 o Continuously collect info on customer needs and competitors capabilities o Share throughout the organization o Use to create value ensure customer satisfaction and develop customer relationships
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