BUAD110 Lecture Notes - Lecture 10: Ert3, Marketing Mix, Situation Two
Document Summary
The activity, institutions and processes for creating, communicating, delivering and exchanging offerings with value for customers, clients, partners and society at large. Four eras of us marketing: production era, selling era, marketing concept era, customer relationship era. Three parts: customer orientation: nding out what customers want, service orientation: everyone in organization is committed to customer satisfaction. Relationship era: customer relationship management (crm): learning as much as you can about customers and doing what you can to satisfy expectations, organizations seek to enhance customer satisfaction > building long term relationships. The cost of acquiring a new customer is 5x the cost of retaining one: build trust, emphasize the long term, listen, treat your customer. Nonpro t marketing: fundraising, public relationships, special campaigns, ecological practices, changing public opinions and attitudes, increasing organizational membership. Marketing strategies for nonpro ts: determine rms goals and objectives, focus on long term marketing.