BU352 Chapter Notes - Chapter 1: Customer Relationship Management, Pro Forma, Marketing Mix
Document Summary
Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Need: a person feeling physiologically deprived of basic necessities, such as food, clothing, shelter and safety. Want: the particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture and personality. Market: the groups of people who need or want a company"s product or service and have the ability and willingness to do so. Target market: the customer segment or group to whom the firm is interested in selling its products or services. Exchange: the trade of things of value between the buyer and the seller so that each is better off. The customer is the center of all marketing activities. External forces such a cultural, demographic, social, technological, economic, political, and legal changes shape a company"s marketing activities.
