Published on February 3, 2014
Marketing Foundations &
Foundations of Marketing
Economics The study of allocating resources to maximize their uses.
Business, Management, Entrepreneurship The study of operating and managing a business & all the skills and concepts necessary.
Communication Skills Interacting with people and organizations
Professional Development Ongoing growth within a career path
Elements of the Marketing Concept
Customer Orientation Business focus on building relationships with customers to facilitate loyal, repeat customers for life.
Customer Satisfaction Meet or exceed customer’s expectations
Customer Needs / Wants Desires of the consumers that convert into purchases
Company Approach Employees working together to satisfy their customers to earn profits
Company Commitment All employees focused on the customers
Company Goals Goals should be focused on satisfying customers
CRM – (Customer Relationship Management) Combines customer information via databases with customer service and marketing communication
Marketing Loyalty Programs Rewards repeat customers
Product Business provides items that satisfy desires of consumers
Profits Money business keeps after paying all expenses
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