MGT252H5 Lecture Notes - Lecture 1: Customer Retention, Target Market, Customer Relationship Management
Document Summary
Marketing the activity, set of institutions, and process for creating, communicating, delivering, and exchanging oferings that have value for customers, clients, partners, and society at large. Marketing a management process that seeks to maximize return to shareholders by developing and implementing strategies to build relationships of trust with high value customers and sustainable advantage. Strategies: implement stp, product, pricing, place, promotion. Sustainable diferential advantage: competition, consumer research, etc. We need a proitable relationship with consumer. Customer would buy from source that provides higher customer perceived value. Customer perceived value is diference between what a consumer is willing to pay vs what they pay. Ultimately we want to provide value to our customer so we can make proit. Market segmentation refers to dividing the markets into segments of customers. Target marketing refers to which segments to go after. Value proposition set of beneits or values a company promises to deliver to customers to satisfy their needs.
