BU352 Chapter Notes - Chapter 1: Customer Relationship Management, Triple Bottom Line, Marketing
Document Summary
Marketing: a set of business practices designed to plan for and present an organization"s product or services in ways that build effective customer relationships. Firms develop a marketing plan that specifies their marketing activities for a specific period of time. Marketing plan: a written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of the four p"s, action programs, and projected income/financial statements. Can be performed by both individuals and organizations. Marketing is about satisfying customer needs and wants. Understanding customer needs and wants is fundamental to marketing success they must first identify the customers or market for its product/service. Market: meaning world of trade; can be divided or segmented into groups of people. The process of identifying customer segments the company wants to target w/ its product and services requires market research.
