BUSI 1800 Lecture Notes - Lecture 14: Market Structure, Social Media Marketing, Customer Relationship Management
29 Jul 2015
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Document Summary
Marketing- a set of business practices designed to plan for and present an organizations products or services in ways that build effective customer relationships. Marketing concept- a three part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. Marketing orientation- focusing efforts on (1) continuously collecting information about customers" needs and competitors" capabilities, (2) sharing this information throughout the organization, and (3) using the information to create value, ensure customer satisfaction, and develop customer relationships. Customer relationship management (crm) - the process of building long term relationships with customers by delivering customer value and satisfaction. Social media- the term commonly given to web sites and online tools that allows users to interact with each other in some way; u sharing information, opinions, knowledge, and interests. Marketing mix- the ingredients that go into a marketing program: product, price, place and promotion. Product- any physical good, service, or idea that satisfies a want or need.
