33:011:100 Chapter Notes - Chapter 11: Business Intelligence, Data Mining, North American Free Trade Agreement

• School: Rutgers University
• Department: Administrative Studies
• Course: 33:011:100
• Professor: Professor Reaves

Document Summary

Marketing: a set of processes for creating, communicating and delivering value to customer. Also involves customer relationship in ways that benefit the organization and its stakeholders. Begins with discovering unmet customer needs and continue with researching the potential market. Throughout the entire marketing process, a successful business focuses on building customer relationships. Best marketers don"t only give consumers what they need, but also anticipate what consumers might want. Exchange process: when two or more parties give something of value to each other. Marketing concept: companywide consumer orientation to promote long-run success. Firms start with analysis of customer needs and work backward to offer products to fulfill them. Shift from sellers market in which goods and services are relatively scarce. Buyers market in which they are relatively plentiful. They apply marketing tools to reach audiences, secure funding, and accomplish overall missions. Sometimes partner with a profit-seeking company to promote a message.