BUAD110 Lecture Notes - Lecture 10: Ert3, Marketing Mix, Situation Two

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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.

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