Chapter 17 and 5 Notes

Chapter 17 and 5 Notes - Chapter17and5 MarketingMixStrategy

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Marketing Mix Strategy Customer Relationship  Management Customer Satisfaction Attribution Theory MKT 300 Recap Chapter 17 and 5 Chapter 17 and 5
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A group of marketing  variables that a business  controls with the intent of  implementing a  marketing strategy  directed at a specific  target market. The Marketing Mix The Marketing Mix
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Marketing Orientation Acquire Market Information Assess Information Respond (adjust 4 P’s) Market Orientation: A customer-centric focus on the market environment
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Beyond the 4P’s Product Price Place Promotio n People Physical Process The 7 Ps  Model Customer Cost Convenient Communicatio n 4 Cs Model
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Customer Value Customer Value = Perceived Benefits – Perceived Costs Service  Benefits Brand  Benefits Product  Benefits Other Costs Customer Value
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The Value of a Customer Profit 80% of Profits 20% of Customers 20% of Profits 60% of  Customers No Profits (loss) 20% of  Customers
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activities that are used to  establish, develop, and  maintain customer sales Customer Relationship Management customizing product and  service offerings based  on data generated  through interactions  between the customer  and the company Customer  Relationships Loyalty Retention
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Touch Points in a CRM  Touch Points in a CRM  System System  Store Visits  Store Visits  Conversations with sales people  Conversations with sales people Interactions via the Web Interactions via the Web Traditional phone conversations Traditional phone conversations Service registration/warranty cards Service registration/warranty cards
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CRM System CRM System Encourage and track customer interaction with the company  Store and integrate customer data using IT Understand interactions with current customer  base  Foster customer-satisfying                      behaviors  RFM Analysis
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Recency-Frequency-Monetary  Recency-Frequency-Monetary  Analysis Analysis 1. Identifies customers most likely to purchase 
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Chapter 17 and 5 Notes - Chapter17and5 MarketingMixStrategy

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