COMMERCE 1E03 Chapter Notes - Chapter 14: Customer Relationship Management
11 Sep 2018
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Document Summary
Marketing: a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Marketing concept: a three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. Market orientation: focusing efforts on (1) continuously collecting information about customers" needs and competitors" capabilities, (2) sharing this information throughout the organization, and (3) using the information to create value, ensure customer satisfaction, and develop customer relationships. Customer-relationship management (crm): the process of building long-term relationships with customers by delivering customer value and satisfaction. Social media: the term commonly given to web sites and online tools that allow users to interact with each other in some way by sharing information, opinions, knowledge, and interests. Marketing mix: the ingredients that go into a marketing program: product, price, place, and promotion. Product: any physical good, service, or idea that satisfies a want or need.
