AFM131 Chapter Notes - Chapter 14: Market Environment, Canadian Blood Services, Test Market

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

Document Summary

Marketing is the process of determining customer needs and wants and then developing goods and services that meet or exceed these expectations. Green marketing is the marketing efforts to produce, promote, and reclaim environmentally-sensitive products. The evolution of marketing involves: 1. ) production, 2. ) sales, 3. ) marketing concept, and 4. ) customer relationship. Production: since the early european settlers arrived in canada until the start of the 1900s, the general philosophy of business was to produce as much as possible because there were limited production capabilities and great demand. Manufacturers focused on production, as most goods were bought as soon as they became available. The greatest marketing need was for distribution and storage. Sales: by the 1920s, businesses had developed mass production techniques (car assembly lines) and production capacity often exceeded market demand. Thus, the business philosophy switched to an emphasis on production to an emphasis on sales, especially in an effort to sell existing products.