MGCR 423 Lecture Notes - Lecture 8: Voice Of The Customer, Niche Market, Total Quality Management
Document Summary
Business-level strategy: an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets. Effectively managing relationships with customers: firms must manage all aspects of their relationship with customers, reach: firm"s access and connection to customers. Especially important for social networking sights: richness: depth and detail of two-way flow of information between the firm and the customer. Company gets to know its customer better and customers understand the different ways in which the firm can satisfy them. The internet has greatly reduced the costs of getting this information: affiliation: facilitation of useful interactions with customers. Viewing the world through customers eye"s and constantly seeking ways to create more value have positive effects on affiliation. Who: determining the customers to serve: market segmentation, a process used to cluster people with similar needs into individual and identifiable groups.
