BU121 Study Guide - Final Guide: Market Segmentation, Customer Satisfaction, Marketing Mix

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Document Summary

The customer is the central point of any successful business. Markeing: integrated system of aciviies designed to plan, price, promote, and distribute, want- saisfying goods and services to present and potenial customers. Products: any good/service, with its perceived atributes/beneits, that creates value for customers. Cogniive dissonance: having beliefs that are internally inconsistent or that disagree with behaviour. Usually occurs when making a major purchase, paricularly when the item is expensive. Best way to avoid this is to insist on a strong warranty or money back guarantee. Markeing concept: idenifying consumer needs, then producing the goods/services that will saisfy them while making proit for the organizaion oriented toward pleasing consumers with value. Focusing on customer wants, so organizaion can disinguish its products from compeitors. Integraing all the organizaion"s aciviies, including producion, to saisfy these wants. Achieving long-term goals for the organizaion by saisfying customers legally and responsibly. Producion orientaion: focus on mass producion & eiciency, not customer needs.

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