Mar-3023 Lecture Notes - Lecture 2: Starbucks, Market Analysis, Corporate Social Responsibility
Document Summary
Consumer reports rates all of the products you saw as objectively the same as or better than the branded products. Products were made by hand, grown, or traded in small quantities. The great awakening where customers became the central focus of the organization. Began with the development of marketing departments (1940s-1960) and then transferred to the rest of the rm (1960-1990) Customer centric marketing: developing collaborative relationships with customers based on focusing on their individual needs and concerns. Relationship marketing: establishing long term mutually satisfying, buyer seller relationships. Customer relationship management: using information about customers to develop and sustain desirable customer relationships. Green marketing: creating meaningful long-term relationships with customers while maintaining, supporting and enhancing the natural environment. The focus is on long-term relationships and customer retention. A 5% increase in customer retention yields up to a 95% improvement in npv delivered by customers. Repeat customers generate over twice as much revenue as new customers.
