CHAPTER 13 terms

Understanding Business

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CHAPTER 13 - Marketing: Building Customer Relationships Marketing the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives The Marketing Environment includes 5 factors that affect the Customer: Social - Competitive - Economic - Technology - Global The Marketing Process: Determine the Need - Research - Design - Test - Name/Package/Price - Distribution - Promote - Build Relationsip Evolution of the Field of Marketing Production Era - from early settlers through early 1900’s - produce as much as -you can because there is a limitless market - this was a logical and profitable philosophy - goal of business was centered in production - greatest marketing need was for distribution and storage Selling Era - Mass production techniques by the 1920’s - production often exceeded the immediate market demand - turned to an emphasis on selling and advertising Marketing Concept Era - postwar 1945 - launched baby boom and boom in consumer spending with fierce consumer dollar competition (see below) Customer Relationship Era - 1990-2000’s managers adopted the concept of customer relationship management (see below) Marketing Concept a 1950’s philosophy that emerged with 3 parts: 1. Customer Orientation - find out what consumers want and produce it for them 2. Service Orientation - make sure everyone in the organization has the same objective: customer satisfaction 3. Profit Orientation - focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs CRM Customer Relationship Management learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations - with goods and services over time - long term loyalty enhance customer satisfaction and stimulate long-term customer loyalty 80/20 Rule: 80% of business comes from a 20% customer base
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This document was uploaded on 10/29/2011 for the course MGT 111 at Harper.

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CHAPTER 13 terms - CHAPTER 13 Marketing Building Customer...

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