AFM131 Lecture Notes - Lecture 4: Social Media Marketing, Market Orientation, Marketing Mix

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

Document Summary

Marketing is a set of (cid:271)usi(cid:374)ess pra(cid:272)ti(cid:272)es desig(cid:374)ed to pla(cid:374) for a(cid:374)d prese(cid:374)t a (cid:271)usi(cid:374)ess" produ(cid:272)ts or services in ways that build effective customer relationships. A market is a group of people with unsatisfied wants and needs who have resources and willingness to pay. Marketi(cid:374)g has e(cid:448)ol(cid:448)ed fro(cid:373) (cid:862)helping the seller(cid:863) sell to (cid:862)helping the buyer buy(cid:863) 1900s - starting philosophy of business was to produce as much as possible. Need to meet vast demand with limited production capabilities. 1920s businesses had developed mass production techniques (e. g. assembly lines) Business philosophy changed from producing to selling supply>demand. Emphasis on selling and advertising to persuade consumers to buy products. Customer orientation: find out what customers want and provide it. Service orientation: make sure everyone in organization has the same objective: customer satisfaction. Profit orientation: focus on goods and services that will earn the most profit and enable the organization to survive and expand.