BUS 200 Study Guide - Final Guide: Geodemographic Segmentation, Customer Relationship Management, Data Warehouse
2 Oct 2017
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Document Summary
Consumer hourglass theory: reduction in middle class purchasing power, and concentrate at the bottom and top. Refocusing away from the mainstream middle onto high- and low-end consumers. Marketing: an organizational and a set of process for creating, communicating and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing concept: the idea that the whole firm is directed toward serving present and potential customers at a profit. Marketing is successful if satisfied buyers perceive that the benefits derived from each purchase outweigh its costs, if the firm, in exchange for providing the products, meets it organizational goals. Consumer goods: tangible (physical) goods that you can buy for personal use (b2c marketing: business-to-consumer marketing firms that sell goods to consumers for personal consumption) Industrial goods: physical items used by companies to produce other products (b2b marketing)
