AFM131 Lecture Notes - Mass Production, Voice Of The Customer, Test Market

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Tracy Hilpert

Document Summary

A set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships: market. A group of people with unsatisfied wants and needs who have the resources and the willingness to buy: much of marketing is instead about helping the buyer buy, e. g. websites help the buyer buy. Marketers must track what relevant bloggers are writing about. Find out what consumers want and provide it for them: service orientation. Focus on those goods and services that will earn the most profit. Most profit equals to better survival chances. Place: select a distribution system promotion: design a promotional program build a relationship with customers: target market: identifying groups of people who might be interested in your product. I. e. provide samples, conduct surveys test marketing: The process of testing products among potential users.