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Ii customer satisfaction depends on the products

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ii.Customer Satisfaction- depends on the product’s perceived performancein delivering value relative to a buyer’s expectations.d.Exchanges and Relationshipsi.Exchanges-Act of obtaining a desired object from someone by offeringsomething in return.In the broadest sense, the marketer tries to bringabout a response to some market offering. The response may be more thansimply buying or trading products and services. Apolitical candidate, for
Principles of Marketing| BBA 2ndSemester |Class No. 1-5instance, wants votes, a church wants membership, an orchestra wants anaudience, and a social action group wants idea acceptance.ii.Relationships- Beyond simply attracting new customers and creatingtransactions, companies want to retain customers and grow theirbusinesses. Marketers want to build strong relationships by consistentlydelivering superior customer value.e.Market -The concepts of exchange and relationships lead to the concept of amarket. A market is the set of actual and potential buyers of a product or service.These buyers share a particular need or want that can be satisfied throughexchange relationships2.Designing a Customer Driven Marketing Strategy -Once it fully understandsconsumers and the marketplace, marketing management can design a customer-drivenmarketing strategy.We define marketing management as the art and science of choosingtarget markets and building profitable relationships with them. The marketing manager’saim is to find, attract, keep, and grow target customers by creating, delivering, andcommunicating superior customer value. To design a winning marketing strategy, themarketing manager must answer two important questions: What customers will we serve(what’s our target market)? and How can we serve these customers best (what’s our valueproposition)?
b.Choosing a Value proposition- The company must also decide how it will servetargeted customers how it will differentiate and position itself in the market place.

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Term
Spring
Professor
ProfessorKolhede

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