MGMT 201 Study Guide - Midterm Guide: Customer Satisfaction, Target Market, Customer Relationship Management
16 Dec 2019
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Needs= states of felt deprivation (maslow"s hierarchy), wants= forms that fulfill need, influenced by culture/ society & described in terms of objects. Demands= wants backed by buying power ($) Full: when supply= demand= market equilibrium, overfull: demand >supply, intentionally not supplying enough to create hunger/ urge. Irregular: not steady/ influenced by outside factors (seasonal demands), unwholesome: demand has negative social implications (drug, cigs) Customer perceived value= difference between total customer-perceived benefits & customer costs, value= benefit- costs. Customer satisfaction= extent to which perceived performance matches buyers expectations . Customer lifetime value= value of entire stream of purchases that customer would make over lifetime of patronage clv = m x l -ac. Customer equity= total combined clv of all company"s customers. Share of customer= proportion of customer"s purchasing that company gets in its product categories. Market share= calculated by taking company"s sales over period & dividing it by total sales of industry over same period.
