AFM131 Chapter Notes - Chapter 14: Social Media Marketing, Sales Promotion, Customer Relationship Management

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Marketing a set pf (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 ser(cid:448)i(cid:272)es in ways that build effective customer relationships: the activities buyers & sellers perform to facilitate mutually satisfying exchanges. Market a group of people with unsatisfied wants and needs who have the resources and the willingness to buy. Core concept: find a need and fill it. In the past, marketing was focused on helping seller sell. Now, its about helping the buyer buy: the easier a market makes the purchase decision process, the more that marketer will sell. Social media & online communities let people interact with one another, form relationships, track what bloggers are writing, etc. Marketers who rely only on traditional advertising and selling are losing out to the new ways of marketing. The evolution of marketing: the production era. Produ(cid:272)e as (cid:373)u(cid:272)h as (cid:455)ou (cid:272)ause there"s a li(cid:373)itless (cid:373)arket. Demand exceeded supply goals centered on production: the sales era.