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| 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. |
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| based on exchange- buyer exchanges somethign of value (money, time, energy). seller exchanges something of value (goods, services, paces, ideas) |
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| Transaction Orientation-Selling to the customer |
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| selling dominates learning, talking dominates listening, persuading the customer is product driven and features focused. the goal is to increase the number of transcations through persuasion and price |
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| Value is in essence what you get for what you give up. |
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| Relationship Based: Managing the Relationship |
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| Learnign about the customer is intense and dominates selling. Listening dominates talking, teaching the customer is need-driven and problem-focused. The goal is to build relaionsips through crediblity, responsiveness, and trust. |
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| Buisness to consumer- businesses sell to consumers |
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| Business to business- one to another |
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| consumer to consumer ex. ebay |
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| Customer relationship management (CRM) |
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| overall proces of building and maintaing profitable customer relationsihps by delivering superior customer value and satisfaction |
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| Primary Purpose of Marketing |
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To create long-term and mutually beneficial exchange relationships between an entity and the publics with which it interacts
--to create value for both the firm and customer |
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| A strategy to build long term customer loyalty that is based on becoming partners with customers and doing everything to contribute to their success. |
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| The combo of products, services, info, or experiences that satisfy a need or want. |
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| Art and science of choosing target markets and building profitable relationships with them |
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| attempt to stop a negative behavior or replace it with another more positive behavior |
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total combined customer lifetime value of all customers.
measures firm's performance but in a manner that looks to the future |
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| written document composed of an analysis of current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of the four P's, actions, programs, and projected or pro forma income statements. |
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| broad description of a firm's objectives and the scope of activities it plans to undertake; attempts to answer two main questions: what type of business is it? what does it need to do to accomplish its goals and objectivies? |
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| Product, Price, place, and promotion-- the controllable set of activites that a firm uses to respond to the wants of its target market |
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| process of developing and maintaining a strategic fit between the orgainzation's goal and capabilities, and its changing marketing opportunities. |
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| The Strategic Plan- Steps |
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| formal plan-broad in scope- typically long range-developed by top managers- focuses on overall objectives-often begins with a SWOT analysis |
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| company's plan for achieving goals in the long term |
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| company's activites related to achieving goals in the short or intermediate term |
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| What is our business? What is our mission? Who are our customers? How do we add value? |
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| Framework for focusing attention on the fact that an organizational growth opportunity results from...a good fit between an organzations internal capabilities and it's external environment |
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| add benefits, reduce sacrifices |
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| Growth objectives for profit businesses |
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| growth of sales, growth of profits, increase in market share |
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| growth objectives for non-profit objectives |
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| increase in clients served or patrons attracted, broadening the geographic area, increase in programs offered |
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| actors and forces that affect a firm's ability to build and maintain successful relationships with customers |
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| Macroenvirnonmental Factors |
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| culture, demographics, consumers, political/legal, social trends, economic, technology |
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| study of human population in terms of: age, gender, race, occupation, population density, education |
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| changing age structure of the population |
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| institutions and other forces in the cultural environment affect society's basic values, perceptions, preferences, and behaviors |
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| u.s. population consists of seven generational groups. |
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| Three Generational Cohorts |
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| Baby Boomers(1946-1964), Generation X(1965-1976), Generation Y(1977-1995) |
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| engaged employees->engaged customers-> creating sustainable profit and growth |
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| those who have an actual or potential interest in or impact on an organization |
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