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MKT 723 - exam Chapter 5.docx

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Department
Marketing
Course
MKT 723
Professor
Roy Morley
Semester
Winter

Description
Chapter 5: Personalized marketing: Experiential marketing: ­promotes a product by not only communicating a product’s features and benefits but also  connecting it with unique and interesting consumer experiences  ­Pine and Gilmore: if you charge for the time customers spend with you then you are in  the experience business Schmitt: sense, feel, think, act, relate marketing Relationship marketing: ­marketing strategies must transcend the actual product or service to create stronger  bonds with customers and maximize brand resonance ­current customers are the key to long term brand success ­more holistic and personalized brand experiences to create stronger customer ties ­new customers are 5 times more expensive ­average companies lose 10% of customers every year ­5% reduction in defection rate can increase profits by 25­85% ­customer profit rate tends to increase over the years  Mass customization: ­making the products to fit the customer’s exact specifications One­to­one marketing: ­consumers help add value by providing information to marketers, marketers add value,  creating a rewarding experience for the customer ­Key steps: focus on individual customers through customer databases respond to customer dialogue via interactivity customize products and services  Permission marketing: ­practice of marketing to customers only after gaining their express permission Product Strategy: Perceived quality: perception of product/service compared to alternatives After marketing: user manuals, customer service programs, loyalty programs Pricing strategy: Consumer price perceptions: ­pricing strategy can effect how consu
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