Management and Organizational Studies 1021A/B Lecture Notes - Lecture 4: Strategic Alliance, Engagement Marketing, Customer Relationship Management

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Michael Aloisio

Document Summary

First, companies create products that provide goods and services with added value versus competitive offerings. Second, they reward customers for their loyalty through marketing programs. Customer value is the unique combination of benefits received by targeted consumers that includes quality, price, convenience, delivery, and both before-sale and after-sale service. A target market is defined as a specific group of existing and potential consumers to which marketers direct their marketing efforts. Ensuring that each element of the marketing mix appeals to the characteristics of the target group. The elements of the marketing mix is known as the 4ps: product, price, place, and promotion. Product: all attributes that make up a good, a service or an idea. Price: the expected regular retail or sale price for a product. Place: the distribution channels, retail formats and merchandising used to sell a product. Promotion: the (cid:272)o(cid:373)(cid:373)u(cid:374)i(cid:272)atio(cid:374) tools (cid:374)eeded to i(cid:374)for(cid:373) (cid:272)o(cid:374)su(cid:373)ers a(cid:271)out a produ(cid:272)t, i(cid:374)(cid:272)ludes ad(cid:448)ertisi(cid:374)g .