MKT 100 Chapter Notes - Chapter 1: Customer Relationship Management, Target Market, Market Orientation

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Liana Zeng

Document Summary

Marketing- activity set of institutions, and process for communicating, delivering, and exchanging offerings that have value to customers, clients and society. Needs- basic necessity derived from life (food, water, clothing) Want: a way in which a person will satisfy a need based on a persons knowledge culture and personality. Market: groups of people that need or want a companies product or services and have the ability to afford them. Target market: customer segment or group that a firm is interested in selling their products too. Exchange: the transfer of things of value between customers and sellers that will offer a mutual benefit. Relational orientation: method of building relationship with customers. Based on the philosophy that buyers and sellers should develop a long term relationship. Customer relationship management: a philosophy and a set of strategies, programs and systems, that focus on building loyalty among valued customers.