MARKETNG 1001 Midterm: Midterm test Study Guide

• School: University of Adelaide
• Department: Marketing
• Course: MARKETNG 1001
• Professor: Nicole Swaine

Document Summary

Textbook definition: marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for costumers, clients, partners, and society at large. When people give up something of value in order to receive something of value they would (cid:396)athe(cid:396) ha(cid:448)e (cid:894)does(cid:374)(cid:859)t ha(cid:448)e to (cid:271)e (cid:373)o(cid:374)e(cid:455)(cid:895). Customer perceived value: the difference between the customer gains from owning the product and the costs of obtaining the product [benefits costs]. Customer satisfaction: the e(cid:454)te(cid:374)t to (cid:449)hi(cid:272)h a p(cid:396)odu(cid:272)t(cid:859)s pe(cid:396)(cid:272)ei(cid:448)ed pe(cid:396)fo(cid:396)(cid:373)a(cid:374)(cid:272)e (cid:373)at(cid:272)hes a buyers expectations [expectations performance]. Relationship marketing is a strategy designed to foster customer loyalty, interactions and long term engagement. This customer relationship management (crm) approach focusses more on customer retention than customer acquisition. Organisations long term vision, based on careful analysis of benefits sought by present and potential customers and analysis of existing and environmental conditions: should stand the test of time.