AFM131 Lecture Notes - Lecture 4: Customer Relationship Management, Market Orientation, Test Market

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

Document Summary

Marketing finding out the wants and needs of customers, providing goods and services to meet or exceed their expectations. Plan and present products or services in ways that build effective customer relationships. Websites, ads that convince people to buy products/services. The evolution of marketing (how marketing has changed over time: production era ge(cid:374)eral philosophy was (cid:862)produ(cid:272)e as (cid:373)u(cid:272)h as you (cid:272)a(cid:374) (cid:271)e(cid:272)ause there is a limitless market for it. (cid:863) Mostly farmers needed to produce more and more. Demand exceeded supply: the sales era businesses had developed mass production techniques. Selling and advertising to persuade customers to buy products: the marketing concept returning soldiers started new careers and began families, there was more spending. Before developing a product, marketers have to research consumer needs and target (cid:373)arket, the(cid:374) the 4p"s (cid:272)o(cid:373)e i(cid:374)to play. The marketing mix: product designing a want-satisfying product, considering packaging, brand etc.