BUS_AD 1500 Chapter Notes - Chapter 6: Customer Relationship Management, Relationship Marketing, Psychographic
8 Nov 2016
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Document Summary
Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Place marketing: efforts to market geographic areas ranging from neighborhoods to entire countries. Cause-related marketing: promotes a cause or social issue, while also promoting a company and its products. Wants are based on your needs, but marketers try exposing you to attractive choices. If you have buying power to purchase a product you want, you create demand. Exchange process: trade something of value for something else of value. Transaction: trade takes place; most transactions today involve money in exchange for a product. Utility: any attribute that increases the value that customers place on a product. Form utility: raw materials turn into finished goods. Time utility & place utility = having goods when and where customers want them. Possession utility = the satisfaction buyers get when they actually posses a product both legally and physically.
