AFM131 Study Guide - Final Guide: Seth Godin, Social Media Marketing, Charles Webster Leadbeater

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Bob Sproule

Document Summary

Marketing is a set of business practices designed to plan for and present an organizations" product or service (or ideas) in ways that build customer relationships or activities that buyers and sellers perform to facilitate mutually satisfying exchanges. Market is a group of people with unsatisfied wants needs and the resources and willingness to buy. Moved from helping the seller sell to helping the buyer buy. Role of the internet today sellers inform customers and cultivate customer relationships with blogs and social networking sites and buyers search for good deals and interact with each other. Non-profits use marketing in support of their mandate to raise funds or obtain other resources in a very competitive market. Customers drive the marketing mix: product should exceed customer expectations; while price, place and promotion should lead to the customer seeking out the product and is willing to buy the product given its price.