MCS 1000- Final Exam Guide - Comprehensive Notes for the exam ( 34 pages long!)

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Archie Bonifacio

Document Summary

Social marketing: which is designed to influence the behaviour of individuals in which benefits accrue to those individuals or to the society in general and not to the marketer e. g. anti- smoking campaigns, heart and stroke foundation. These are the e(cid:374)(cid:448)iro(cid:374)(cid:373)e(cid:374)tal for(cid:272)es i(cid:374) a (cid:373)arket de(cid:272)isio(cid:374), (cid:449)hi(cid:272)h (cid:272)a(cid:374) e(cid:454)pa(cid:374)d a(cid:374) orga(cid:374)izatio(cid:374)"s marketing opportuities or restrict them. Began the marketing concept: the idea that an organization should strive to satisfy the needs of (cid:272)o(cid:374)su(cid:373)ers (cid:449)hile also tr(cid:455)i(cid:374)g to a(cid:272)hie(cid:448)e the orga(cid:374)izatio(cid:374)"s goals. Customer satisfaction: match between customer expectations of the product and the produ(cid:272)t"s a(cid:272)tual perfor(cid:373)a(cid:374)(cid:272)e. if the produ(cid:272)t fails to (cid:373)eet the (cid:272)usto(cid:373)er"s e(cid:454)pe(cid:272)tatio(cid:374)s, the customer will be dissatisfied. If the product performance matches expectations, the customer will be highly satisfied. Customer lifetime value (clv): the profit ge(cid:374)erated (cid:271)(cid:455) the (cid:272)usto(cid:373)er"s pur(cid:272)hase of a(cid:374) orga(cid:374)izatio(cid:374)"s produ(cid:272)t/ser(cid:448)i(cid:272)e o(cid:448)er the (cid:272)usto(cid:373)er"s lifeti(cid:373)e.