COMMERCE 2MA3 Lecture Notes - Lecture 1: Tim Hortons, Starbucks, Voice Of The Customer
22 Sep 2017
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Document Summary
Have to answer the consumer"s question about why they should purchase your item. It"s all about building a base of loyal customers, who repeatedly purchase your items. There are changes that take place in the marketplace. Marketing is a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Marketing is about satisfying consumer needs and wants. The exchange can occur between any two parties. Not simply a buyer and seller exchanging money for a good or service. Can be an exchange of information or convenience. Everything can fail if one is not done properly. Marketing can be performed by both individuals and organizations. Price is everything the buyer gives up in exchange for the product. Place: all activities necessary to get the product to the right customer when that customer wants it. Supply chain management is the field that examines these activities.
