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Lecture

BU121 Lecture Notes - Perceptual Mapping, Relationship Marketing, Customer Relationship Management


Department
Business
Course Code
BU121
Professor
Roopa Reddy

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Marketing (Understanding the Customer)
Wednesday, January 30, 2013
1:00 PM
What is Marketing?
"an integrated system of activities designed to plan, price,
promote, and distribute, want-satisfying goods and services to
present and potential customers" (the two keys to success)
1. Want satisfying goods and services
Used to be "sell what you produce", now its "produce what you
can sell"
Produce (before) - > sales -> customer orientation (now)
Product must not only provide particular benefit/satisfy
particular want/need, but must be needed or wanted
Must provide a unique benefit that competition does not
The Marketing Concept (pg 94-97)
Create customer value
Ratio of benefits to the sacrifice necessary to obtain
those benefits
Customer determines value of both benefits and
sacrificies (price isn't only thing that matters)
Businesses that provide customer value believe many
customers will pay premium for superior customer service
Deliver customer satisfaction
Customer's feeling that produce/service has met or
exceeded expectations
Build relationships
Relationship marketing: strategy that focuses on forging
long-term partnerships with customers
Companies build relationships with custoemrs by offering
value, providing customer satisfaction -> repeat sales &
referrals -> increase in sales, market share, profits
Less expensive to serve existing customers
Customers relationship management: process an
organization uses to track, organize info about current and
prospective customers
Ex. loyalty programs
Target Market
Group of customers to whom you wish to direct your product
toward
Group of customers whose wants/needs have not been met by
competition
Steps to define a target market:
Market Segmentation (pg 107-110)
Perceptual mapping
Preference Analysis
Market Segmentation
State of being:
Demographic (age, gender, income, etc.), geographic,
customer type (business, consumer)
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