AFM131 Chapter Notes - Chapter 14: Ert3, Customer Relationship Management, Social Media Marketing
14 Jun 2018
School
Department
Course
Professor
Chapter 14:
Market: A group of people with unsatisfied wants/needs with both the resources
and the willingness to buy.
Marketing: A set of business practices designed to plan for and present an
orgaizatio’s produts or series i ays that build effective customer
relationships. The future of marketing is doing everything you can to help the
buyer buy. Helping the buyer buy helps the seller sell. Find a need and fill it. Learn
about customers and exceed expectations.
Evolution of Marketing:
1. Production era
2. Sales era
3. Marketing concept era (focus on customer, service, and profit)
4. Marketing orientation era (customer info, relations, and satisfaction)
5. Social Media era (manage risk and brand, reduce costs, connect with
customers)
Marketing Concept: A three part business philosophy: (1) a customer orientation,
(2) a service orientation, and (3) a profit orientation.
Marketing Orientation: Focusing efforts on (1) continuously collecting info about
customer needs and competitors capabilities, (2) sharing this info throughout the
organization, and (3) using the info 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
(loyalty reward programs, etc).
find more resources at oneclass.com
find more resources at oneclass.com
Social Media: The term commonly given to websites and online tools that allow
users to interact with each other in some way – sharing info, opinions,
knowledge, and interests.
Social Media Marketing: Consumer-generated online marketing efforts to
promote brands and companies for which they are fans (or conversely), and the
use by marketers of online tools and platforms to promote their brands or
organizations.
Marketing Mix (the 4 Ps): The ingredients that go into a marketing program:
product, price, place, and promotion. The goals of a marketing program are to
please customers while making a profit.
Marketing Process: Find opportunities → Conduct research → Identify a target
market → Design a product → Concept testing (brand name, design, and
package) → Set a price → Select a distribution system → Design a promotional
program → Build customer relations
The 4 Ps:
- Product: Any physical good, service or idea that satisfies a want or
need.
- Price: The money or other consideration (including goods and services)
exchanged for the ownership or use of a good or service. Must cover
costs and be competitive.
- Place: Storefront, internet, delivery, distributor, retail store, etc
- Promotion: All of the techniques sellers use to motivate customers to
buy their products.
Concept Testing: Testing an idea through communication with potential
customers.
Test Marketing: The process of testing actual products among potential users.
find more resources at oneclass.com
find more resources at oneclass.com
22
AFM131 Full Course Notes
Verified Note
22 documents
Document Summary
Market: a group of people with unsatisfied wants/needs with both the resources and the willingness to buy. Marketing: a set of business practices designed to plan for and present an orga(cid:374)izatio(cid:374)"s produ(cid:272)ts or ser(cid:448)i(cid:272)es i(cid:374) (cid:449)ays that build effective customer relationships. The future of marketing is doing everything you can to help the buyer buy. Helping the buyer buy helps the seller sell. Evolution of marketing: production era, sales era, marketing concept era (focus on customer, service, and profit, marketing orientation era (customer info, relations, and satisfaction, social media era (manage risk and brand, reduce costs, connect with customers) Marketing concept: a three part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. Marketing orientation: focusing efforts on (1) continuously collecting info about customer needs and competitors capabilities, (2) sharing this info throughout the organization, and (3) using the info to create value, ensure customer satisfaction, and develop customer relationships.
