3 Customer satisfaction depends on the products perceived performance relative

3 customer satisfaction depends on the products

This preview shows page 3 - 4 out of 4 pages.

3) Customer satisfaction – depends on the product’s perceived performance relative to buyer’s expectations. o The purpose of marketing is to generate customer value profitably 4) Customer –generated marketing – through which consumers themselves are playing an increasing role in shaping their own brand experiences and those of other consumers (through blogs, digital forums, etc.) 5) Partner relationship management – marketers partner with other inside and outside the company to jointly bring more value to customers. 5. identify the outcomes of developing and maintaining lasting relationships with customers. (textbook, pp. 21–24) Creating customer loyalty and retention Growing share of customer – the portion of the customer’s purchasing that a company get in its product categories Building Customer Equity ; Customer Equity is the total combines customer lifetime values of all of the company current and potential customers whereas sales and market share reflect the past, customer equity suggests the future 4 relationship groups based on potential profitability and projected loyalty: 1) strangers – low potential for profitability and little projected loyalty 2 ) Butterflies – potentially profitable but not loyal 3) True friends – are both profitable and loyal 4 ) Barnacles - are highly loyal but not very profitable GOAL: the Right relationships with the Right customers
Image of page 3
6. describe the major challenges facing marketers. (textbook, pp. 24–32) The Changing Marketing Landscape; 5 Major Developments: Uncertain economic environment The digital age Rapid globalization The call for more ethics and social responsibility Growth of not-for-profit marketing
Image of page 4

You've reached the end of your free preview.

Want to read all 4 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes