AFM131 Chapter Notes - Chapter 14: Social Media Marketing, Customer Relationship Management, Market Segmentation

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Mohsin Bashir

Document Summary

Learning objectives: define marketing and explain how the marketing concept applies to both for-profit and non-profit organization. List ways in which the business-to-business market differs from the consumer market. Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Test marketing the process of testing products among potential users. Brand name something to differentiate one seller"s products from those of competitors. Marketing research the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions. 4 key steps of marketing research: define the question/problem/opportunity and determine the present situation, collect research data, analyze research data, choose the best solution and implement it. Environmental scanning: the process of identifying factors that could affect marketing success. The business environment: social, legal, economic, competitive, technological.