What are the marketing concept and relationship building

What are the marketing concept and relationship building -...

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1) What are the marketing concept and relationship building? Marketing consists of the strategies and tactics used by firms to create and meet the needs and the wants of their customers to get an appropriate value in return. Today most firms have adopted the marketing concept. Under the marketing concept the firms must find a way to discover unfulfilled customers needs and bring to the market products that will satisfy those needs. Relationship marketing is the process of attracting, maintaining, and enhancing relationships with key people. By creating the marketing message and tactics to the needs of the customer, the Relationship Marketing approach achieves very high customer satisfaction and is highly profitable. 2) How do managers create a marketing strategy? Setting a marketing strategy is probably the single most important factor contributing to the long-term success of any business venture. Good marketing strategy provides specific goals and can include: The external environment: managers have to evaluate and collected all the information about the external environment which called environmental scanning. This environmental scanning has to include the environmental data that shape the marketing decisions: Social forces: values of potential customers, and changing roles of families. Demographic forces: changing incomes, and inflation. Technological forces: advances in communication. Political and legal forces: changes in laws. Competitive forces: domestic and foreign based firms. Defining the target market : managers have to focus their efforts to those most likely to buy the product or service. Target market is the specific consumers a company directs,
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This note was uploaded on 02/27/2010 for the course ACC Business L taught by Professor Gwendolynthomas during the Spring '10 term at West Valley.

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What are the marketing concept and relationship building -...

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