BU121 Lecture Notes - Lecture 14: Customer Satisfaction, Marketing Mix, Market Segmentation
Document Summary
The customer is the central point of any successful business. Markeing: integrated system of aciviies designed to plan, price, promote, and distribute, want- saisfying goods and services to present and potenial customers. Products: any good/service, with its perceived atributes/beneits, that creates value for customers. Markeing concept: idenifying consumer needs, then producing the goods/services that will saisfy them while making proit for the organizaion oriented toward pleasing consumers with value. Focusing on customer wants, so organizaion can disinguish its products from compeitors. Integraing all the organizaion"s aciviies, including producion, to saisfy these wants. Achieving long-term goals for the organizaion by saisfying customers legally and responsibly. Producion orientaion: approach in which a irm works to lower producion costs without a strong desire to saisfy customer needs businesses used to concentrate on mass producion & eiciency. Customer value: raio of beneits to the sacriices necessary to obtain those beneits, as determined by the customer; relects the willingness of customers to buy a product.
