AFM131 Lecture 5: Module4

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Bud light issued formal apology and removed label. How to plan and present products/services to build effective customer relationships. There has been a shift from seller focus. Changed from helping the seller sell to helping the buyer buy. Customers are more likely to buy if information about your products is readily available online. Group of people with unsatisfied wants and needs who have the resources and willingness to buy. Produce as much as possible to meet demand. Production capacity often exceeded immediate market demand, so focus shifted to selling. A three-part business philosophy: customer orientation. Truly understanding customer wants before selling to them: service orientation. Customer satisfaction is the number 1 priority: recognition of profit. May be selling multiple products, but only focus on the most profitable ones and cut the unprofitable ones. Even more focused on the customer through: collecting information. Starbucks rewards program collects data about what/when you buy: sharing information throughout organization.