MGTA02H3 Chapter Notes - Chapter 5: Customer Relationship Management

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24 Apr 2011
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MGTA02H3 Full Course Notes
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Marketing managers: responsible for planning and implementing all the marketing-mix activities that result in the transfer of goods or services to customers. Marketing plan: a strategy for gearing the marketing mix to meet consumer needs and wants. Marketing mix: combination of product, price, place, and promotion strategies use in marketing. Product: a good, service, or idea that satisfies buyers" needs and demands: product differentiation: the creation of a product that differs enough from existing products to attract consumers. Price: the appropriate price for a product that meets the firm"s profit and buyers" objectives. Place: marketing process concerned with getting precuts from the producer to the buyer. Target markets: any group of people who have similar wants and needs and may be expected to show interest in the same product. Market segmentation: dividing a market into categories according to common customer traits. Geographic variables: geographical units that may be considered in a segmentation strategy.

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