MKTG 3832 Study Guide - Midterm Guide: Boston Consulting Group, Customer Relationship Management, Ford Model T
Document Summary
Know the four marketing management philosophies and the characteristics of each (production, sales, market, societal): Production: what can we do best? where do our talents lie? (service organizations). What can our engineers do best? ignores customer needs and focuses on efficiently building quality products/services with their resources. Sales: spend money to attract customers, not to retain. Market: we are here for you. customers and competition. Focuses on customer wants and needs to distinguish products from competitors" offerings. Achieving long term goals by satisfying customer wants and needs legally and responsibly. (obtain, examine, determine, implement). Societal: an organization exists not only to satisfy customer wants but also to preserve or enhance individuals" and society"s long-term best interests. Designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups. Customizes products and services for each customer, involving continual dialogue. Often miss opportunities to serve whose wants can be met through a wide range of product offerings.
