BAB100 Lecture Notes - Lecture 14: Big Data, Consumer Behaviour, Customer Relationship Management
Document Summary
A set of business practices designed to plan for and present an organization"s products or services in ways that build e ective customer relationships. The activities buyers and sellers perform to facilitate mutually satisfying exchanges. Market is de ned as a groups of people with unsatis ed wants and needs who have the resources and willingness to buy. Market - created as a result of this demand for goods and services. Core to marketing: to nd a need and ll it. Five eras/orientations of the evolution of marketing: production. Given the limited production capability and the vast demand for products in those days, that production: sales. By the 1920s. businesses had developed mass product in techniques, and production capacity often exceeded the immediate market demand. Therefore, the business philosophy turned from producing to selling: marketing concept. Postwar years launched the sudden increase in the birth rate that we now call the baby boomers = also a boom in consumer spending.
