Customer Loyalty Customer Loyalty by definition is a feelings or attitudes that incline a customer to return to a company, shop or outlet to purchase again, or else to re-purchase a particular product, service or brand. In general, the customer loyalty starts with a purchase, and ends with repurchase. Customer staying longer with the company tends to decrease maintenance cost, less prone to price fluctuation and good reference to other customers. “It costs five times more to acquire a new customer
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MARKETING MANAGEMENT TOPIC 1 1. What is marketing? American Marketing Association: “Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders”. Value: perceived tangible and intangible benefits and costs to customers Marketing is the art and science of choosing target markets and getting, keeping, growing customers through
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satisfying basic customer needs. Important questions that should be taken into consideration are what is our business, who is the customer, what do customers value and what should our business be? 2) Business portfolio planning involves two steps (1) the company must analyze its current business portfolio and determine which business should receive more, less, or no investment. (2) it must shape the future portfolio by developing strategies for growth and downsizing. First marketing provides a guiding
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Chapter 1 Marketing: Creating and Capturing Customer Value 1) All of the following are accurate descriptions of modern marketing, EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers' needs. E) Marketing is used by for-profit and not-for-profit organizations. Answer: C 2) According to the opening scenario
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Summary of Marketing Week 1: Chapter 1+8 and 4 Week 2: Chapter 5 and 6 Week 3: Chapter 9 and 10 Week 4: Chapter 3 Week 5: Chapter 11+12, 13 and 14 Week 6: Chapter 15 and 16+18 Week 7: Chapter 19 and 20 Chapter 1 - Marketing now Chapter 3 - Strategic marketing Chapter 4 - The market environment Chapter 5 - Consumer markets Chapter 9. Segmentation and positioning. Chapter 10. Competitive strategy. Chapter 15. Integrated marketing communications strategy. Chapter 19 - Managing market
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Classic Airlines and Marketing Solution Your Name Here MKT/571 December 12, 2012 Instructor Stuart Ringer Introduction The standard method for solving a problem primarily will involve defining the problem, understanding the problem in relation to the current developments, and assessing what in fact needs to change. In the case of Classic Airlines, budget restrictions, decreased sales, low employee morale, diminished customer satisfaction, and the need to cut costs are the issues that plague
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Defining Marketing Jennifer Hoff MKT/421 May 29, 2012 Craig A. Clark Defining Marketing “The Webster's definition of marketing is” (1) the act or process of buying and selling in a market. (2) The commercial functions involved in transferring goods from producer to consumer." http://www.merriam-webster.com/dictionary/marketing. Look around you and take in all that you see. Billboards, banners attached to an airplane flying in the sky on a sunny Saturday or Sunday afternoon, brightly light
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Praxis II: Marketing in the 21st Century Marketing: Strategic Innovation in Globally Diverse Markets December 23, 2012 Abstract This paper will explore the potential evolution of the role of consumer marketing. I will examine the role of the retailer and the consumer on the Internet and the vital changes retailers must incorporate to stay competitive in the marketplace. In addition, I will discuss the role of personalized marketing, traditional advertising versus online advertising, changes
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Table of Contents Executive summary 2 1.0 Introduction 3 2.0 Value proposition 4 3.0 Customer Centred Organisation 4 4.0 Customer Pyramid 6 5.0 Customer Relationship Marketing and CRM programs applied by L’Oreal. 8 6.0 Service Quality Gap in L’Oreal 9 6.1 Knowledge Gap 10 6.2 Policy Gap 10 6.3 Delivery Gap 11 6.4 Communication Gap 12 6.5 Customer Gap 12 7.0 Conclusion 13 8.0 Recommendation 13 9.0 Referencing 14 Executive summary As the corporate world is expanding
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1. Customer relationship management (CRM) is one of the most important concept of modern marketing. It is a model for managing a company’s connections with existing and upcoming customers and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Nowadays, significant changes are occurring in the ways companies relate to their customers. Big corporations are using Interactive customer relationships to reach their carefully selected customers, and new
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