MARK442 Lecture Notes - Lecture 2: Customer Relationship Management, Marketing Mix

• School: University of Alberta
• Department: Marketing
• Course: MARK442
• Professor: Jim Swaffield

Document Summary

Mark 442 review of the fundamentals of marketing. Notes: the marketing orientation era holds that the key to achieving sales success is to provide products that satisfy consumer needs, wants and desires better than the competition. ________________________________________________________________________________: the marketing concept is based on the marketing mix model that includes product, price, distribution, and promotions. ________________________________________________________________________________: the marketing orientation era builds on the marketing concept era and states that not only do businesses need to meet the existing needs of the target market, businesses must also position themselves differently than the competition. Foreign governments create a competitive advantage for domestic companies through the use of: Businesses must try to understand the psychological needs that companies aim to satisfy by buying products. Principle 2: value drives sales not quality. Principle 3: in a competitive market, businesses must differentiate themselves from the competition. Positioning is based on: (i) the needs of their target market, (ii) the position of their competition.