BUS 200 Lecture Notes - Lecture 10: Customer Relationship Management, Relationship Marketing, Canadian Dollar
8 Dec 2017
School
Department
Course
Professor
Marketing
• Marketing Concept- the whole firm is directed toward serving customers at a profit
• Delivering Value
o Value= Benefits/Costs
• Utility- adding value
o Time Utility- making things available in a timely order
o Place Utility- where it is available
o Ownership Utility-
o Form Utility-
• Consumer goods- tangible products purchased by individuals for their use
• Industrial goods- products purchased by companies to use directly or indirectly to produce other
products
• Services- intangible products to serve users’ eeds
• Relationship marketing- building lasting relationships with customers and suppliers
o Goal- customer satisfaction and retention
• Customer relationship management (CRM)- organized methods used to build information
connections to improve company-client relationships
Marketing Environment
• Socio-cultural
o Reflects values, beliefs and ideas of a society
• Technological
o Science and technology lead to new ways of doing everyday things
o New goods continue to emerge
o Trends create new goods and cause others to become obsolete
• Economic
o Conditions affect spending patterns of businesses and individuals
▪ Canadian dollar, inflation/deflation, interest rates, business cycle
• Competitive
o Brand competition
▪ Similar products
o Substitute Products
▪ Dissimilar products that can meet the same need
o International Competition
▪ Marketing domestic products against foreign products
• Political-Legal
o Legislation and government programs that can be favourable or ot
o Marketing managers try to maintain favour by: gaining pblic support for products,
advertising for public awareness of important issues, and lobbying and contributing to
political parties within restrictions
Marketing Mix
• Marketing plan- a detailed, focused strategy
o Product- offering a good or service or idea that satisfies a buyers need
▪ Product differentiation- creating a product that has a different image than
existing products to attract customers
find more resources at oneclass.com
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