Chapter 1 Marketing: Managing Profitable Customer Relationships GENERAL CONTENT: Multiple-Choice Questions 1. Central to any definition of marketing is _____. a. demand management b. transactions c. customer relationships d. making a sale e. making a profit (Answer: c; p. 5; Easy) 2. All of the following are accurate descriptions of modern marketing today, except which one? a. Marketing is creation of value for customers. b. Marketing is customer satisfaction
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Chapter 1: Creating and Capturing Customer Value Marketing: creating value for customers and building strong relationships to capture from customers in return - All about managing profitable customer relationships (satisfying customer needs) Core Customer and Marketplace Concepts 1. Needs wants and demands * Needs: states of felt deprivation * Wants: the form human needs take as shaped by culture and individual personality * Demands: human wants that are backed by buying power
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What is marketing? Including a short discussion of: (a) Why marketing is an important function within organisations; (b) The core concept of marketing; (c) The major marketing activities of an organisation. In our daily life, it is easy to see that tradesmen sell simple and tangible goods such as soap and shampoo, as well as luxury product such as LV handbags. Where there is a transaction, there is a marketing. Many people think of marketing only as selling and advertising, while selling and advertising
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system conceptual framework including Customer Relationship Management (CRM), Information system strategies for dealing with competitive forces and Supply Chain Management System 1) Customer Relationship Management (CRM) Based on the problems faced by Padini, our information system team had decided to apply customer relationship management system to solve the problem that Padini had failed to build a strong relationship between its products and customers. In addition, modules that including
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levels of customers—for example, distributors, dealers, and lateral partners, as well as final consumers. 2. Most agree that CRM systems must do what three things well? Gather customer data from all touch points, o Warehouse the data providing easy access for all who need it, o Deliver useable information based on the data. 3. CRM systems enable organizations to focus on relationships as opposed to transactions. What is meant by this? Many companies focus on the opposite of "relationship"; i.e.
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Chapter One: text notes Amazon- “obsessed over customer” * creating genuine value for customer: every decision is made with an eye toward improving Amazon.com cutomer experience. * Analyst predict by 2015 Amazon will become the youngest company in history to hit $100 billion in revenue ( walmart:34years). Nation’s second largest retailer. * customer experience bar raiser: representing customer’s voice * Kindle: first original product-> no.1 selling product * First
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------------------------------------------------- Ch. 1: CREATING AND CAPTURING CUSTOMER VALUE Marketing Definition 1. The delivery of customer satisfaction at a profit 2. Managing profitable customer relationships Goal of Marketing 1. Attract new customers by promising superior value 2. Keep and grow customers by delivering satisfaction Old style marketing aims to make a sale New style marketing aims to satisfy customers needs Needs State of felt deprivation Wants Human need shaped
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Define marketing and the two goals of marketing. As a company president, explain why each of the two goals of marketing is important to your company. Give examples. Marketing deals mainly with customers although it can have many definitions. This simplest definition is: Marketing is managing profitable customer relationship. (Kotler & Armstrong, 2008). Marketing has two main goals of attracting new customers and keeping current customers. In my company the goals of attracting new customers and maintaining
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Things to Know Chapter 1 Marketing Definitions: making a sale, managing profitable customer relationships, satisfaction of customers’ needs. Social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Goals: Attract new customers by promising superior value
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WHAT IS MARKETING? Marketing deals with customers. Marketing is the managing profitable customer relationshis. 2 fold goal of marketing - to attract new customers by promising superior value; -keep and grow current customers by delivering satisfaction Today, marketing must be understoodnot in the old sense of making a sale -"telling and selling"- but in the new sense of satisfying customer needs. If the market understands consumer needs; develops products that provide superior customer value; and
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