AFM131 Chapter Notes - Chapter 14: Social Media Marketing, Market Orientation, Marketing Mix

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

Document Summary

Marketing: a set of business practices designed to plan for an present an organization"s products 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: focusing 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. 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 websites 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, private, place, and promotion.