COMM 131 Lecture Notes - Lecture 2: Customer Relationship Management, Marketing Mix, Relate

• School: Queen's University
• Department: Commerce
• Course: COMM 131
• Professor: Nicole Robitaille

Document Summary

Step 3 - preparing an integrated marketing plan and program. Builds customer relationships by transforming the marketing strategy into action. Consists of firm"s marketing mix, (the set of marketing tools the firm uses to implement its marketing strategy). The marketing program communicates and delivers the intended value to chosen customers. Customers buy from the firm that offers the highest customer-perceived value. Customers act on perceived value rather than monetary value. Customer-perceived value: the customer"s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. Customer satisfaction: the extent to which a product"s perceived performance matches a buyer"s expectations. A company can always increase customer satisfaction by lowering price or increasing services. Companies with low-margin customers will develop basic relationships. (p&g and tide. Companies with few customers and high margins will create full partnerships with key customers. (p&g and walmart/safeway)