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 is plan and present products to build effective customer relationships: market is group with unsatisfied wants and needs who have resources and willingness to buy. Production era: produce as much as possible to meet demand, limited production capabilities. Sales era: advancements in production processes, production capacity often exceeded immediate market demand. Marketing concept era: three-part business philosophy. Focus on products that earn most profit: enable organization to survive and expand. Market orientation era: even more focused on customer. Develop customer relationships: customer relationship management (crm) Process of building long-term relationships with customers. Managing customer life cycle is cost-effective way for firms to grow in competitive markets. Social media marketing era: consumers engage with organizations and other consumer to share. Interests: more effort to manage risk and manage your brand, connecting and responding directly to customers, reduce marketing costs. Environmental scanning is process of identifying factors that can affect marketing success. Business environment consists of 6 elements: global environment.