BMGT 110 Chapter Notes - Chapter 13: The Digital Age, Customer Relationship Management, Marketing Mix

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Hugh Turner

Document Summary

Marketing: the activities, processes, and set of institutions that create, Introduction communicate, deliver, and exchange offerings of value to customers, clients, partners, and society at large. Marketing used to be about helping the seller sell via advertising. Now, marketing is helping the buyer buy, which helps the seller sell. Companies are using social media to understand why customers buy a certain product or services, their opinion on their products, and other related info. Production era: in 1900s, businesses or people with trade believed producing more (cid:449)ill gi(cid:448)e the(cid:373) (cid:373)ore (cid:373)o(cid:374)ey (cid:271)e(cid:272)ause there"s a(cid:374) u(cid:374)li(cid:373)ited de(cid:373)a(cid:374)d for their produ(cid:272)ts or services. Selling era: in 1920s, (cid:271)usi(cid:374)ess" (cid:373)ass-production techniques help produce items than the demand for them, so they try to advertise their products to consumers. Marketing concept era: in 1950s booming economy, businesses compete aggressively to get their customers money, thus they came up with marketing concept. Everybody in a business must make sure the customers are satisfied.