SMG SM 131 Lecture Notes - Lecture 9: Resource Intensity, Customer Satisfaction, Customer Relationship Management

• School: Boston University
• Department: School of Management
• Course: SMG SM 131
• Professor: Rebecca Nichols

Document Summary

Economies of scale- company produces larger number of particular product, cost goes down: discrepancies of assortment- producers produce narrow assortment, consumers need broad, purpose macro marketing- overcome discrepancies, do this through universal. Buying function, selling function, storing function, transporting function, standardization and grading, financing, risk taking, market information fucktion. Collaborators- firms that provide/ facilitate one or more of functions. Marketing concept- company aims all efforts at satisfying customer: customer satisfaction, total company effort- all companies should work together as team, profit as an objective- profit is bottom line. Customer value-difference between benefits a customer sees from a market offering and cost of obtaining it. Building profitable relationships: build profitable relationships with customers total company effort to satisfy offer superior customer value attract customers satisfy customers retain customers. Micro-macro dilemma- what is good for some firms may not be good for society as a whole.