GMS 804 Lecture Notes - Lecture 3: Mass Production, Disposable And Discretionary Income, Customer Relationship Management

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 804
• Professor: Hossein Zolfagharinia

Document Summary

Marketing is the function responsible for linking the organization to its customers and is concerned with the downstream part of the supply chain. Create demand for a company"s current and new products. Marketing plays a critical role as providing value to customers drives all actions of the organization and the supply chain. Marketing is complicated by the fact that there is no single market for any given product or service. A critical challenge is to distinguish markets, called market segmentation. Treats the entire market as a homogenous group. Recognizes the diversity of customers and does not try to please all customers with the same product. The challenge for marketing is to identify the most effective market segments and their needs. Mass marketing: it reduces costs through economies of scale but may miss large segments of the market with an offering that is too general.