MKT 100 Final: MKT100- Module Four Exam Review

• 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 product returns and complaints. measure satisfaction. Exploratory research and data collection: when problem or research question isn"t clear and the management wants additional information before starting its research. trends, and discussions with distributors and suppliers. Includes: internal records, customer complaints, financial analysis number in-depth. Used to gather information about customer satisfaction, product use, and segment customers. Firms also survey or ask someone else to survey their own customers to. This will show what about the firms products and services they like, or dislike.