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GBS 151 Rio Salado College
Business 9th ed. Chapter 13 Pride, Hughes, Kaporr
4
Business
Undergraduate 1
04/13/2009

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Term
marketing
Definition
the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
Term
relationship marketing
Definition
developing mutually beneficial long-term partnerships with customers to enhance customer satisfaction and to stimulate long-term customer loyalty
Term
customer relationship management (CRM)
Definition
using information about customers to create marketing strategies that develop and sustain desirable customer relationships
Term
customer lifetime value
Definition
a combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer's relationship with a company
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