MKT 100 Study Guide - Final Guide: Customer Satisfaction, Ikea, Psychographic

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Tina West

Document Summary

States that a firm profits from unique information and insights it has about production techniques and trade secrets. Important trade secret: the unique insight a business has about the behaviour of customers knowledge about changing consumer preferences and buying behaviour. Powerful driver of competitive success and profitability: information about customer behaviour. First and foremost is to track consumer satisfaction and consumer dissatisfaction. Firms keep track of consumer dissatisfaction from the number of. Firms also survey or ask someone else to survey their own customers to product returns and complaints. measure satisfaction. This will show what about the firms products and services they like, or dislike. Particularly in global markets where the company has never operated and products need to be redesigned. market learn about consumers. Special consumer research is what helps new players in the global i. e. they employ local market research firms to study local consumers. Problem definition/question to be answered (the most difficult step)