MGMT 1000 Chapter Notes - Chapter 12: Target Market, Psychographic, Customer Relationship Management
16 Nov 2016
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Defined as 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 shareholders. The idea that the whole firm is directed toward serving present and potential customers at a profit. Value: a relative comparison of a product"s benefits versus its costs. Include emotional satisfaction of owning, experiencing or possessing it. Develop an entirely new product that performs better (provides greater performance benefits) than existing products. Keep a store open longer hours during a busy season (adding the benefit of greater shopping convenience) Offer price reductions (the benefit of lower costs) Offer information that explains how a product can be used in new ways (the benefit of new uses at no added cost) Utility: the ability of a product to satisfy a human want or need (form, time, place, possession) Consumer goods: tangible goods that you can buy for personal use.
