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MGM101H5 (354)
Chapter 12

Chapter 12 Notes.docx

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University of Toronto Mississauga
Dave Swanston

Chapter 12 Notes – Marketing - Marketing; process of determining customer needs/wants and then developing goods/services that meet or exceed these expectations - Green Marketing; marketing efforts to produce, promote, and reclaim environmentally sensitive products Evolution of Marketing - Production Era o General philosophy of business was to produce as much as possible - Sales Era o Emphasis on selling o Effort to persuade customers to buy existing products - Marketing Concept Era o Customer orientation; find out what customers want and provide it for them o Service orientation; ensure that everyone in organization has same goal; customer satisfaction o Profit orientation; focus on those goods/services that will earn the most profit and enable organization to survive and expand to serve more customer wants/needs - Customer Relationship Era o CRM; process of learning as much as possible about customers and doing everything you can to satisfy them - Product; any physical good, service, or idea that satisfies want/need - Test Marketing; process of testing products among potential users Market Research Process - Defining the question and determining the present situation o What problems or opportunities are present o What the alternatives are o What info is needed o How to get the info - Collecting Data o Primary Data; data that you gather yourself o Secondary Data; info that has already been compiled by others and published in journals and books or made available elsewhere o Focus Group; small group of people who meet under direction of discussion leader to communicate opinions about organization, products, or other issues Marketing
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