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Chapter 1

ECON 344 Chapter 1: Lectures 2-3
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Department
Economics
Course
ECON 344
Professor
Bharat Sud
Semester
Spring

Description
CHAPTER 1 Definitions ▪ Customer Experience Management (CEM): Managing customer interactions at all levels so there is a positive/satisfied impression to gain loyalty ▪ Customer Lifetime Value (CLV): Profit generated by customer purchases in their lifetime ▪ Customer Relationship Management (CRM): Identifying/understanding prospective buyers and developing long term marketing so the buyers will choose them ▪ Customer satisfaction: Matching customer expectations to the product’s actual performance ▪ Customer value: Benefits for buyers – quality, price, convenience, etc. ▪ eCRM: Personalized long term relationship management, electronically ▪ Environmental forces: Uncontrollable factors (CREST) ▪ Ethics: Moral principles/values that control an organization’s decisions ▪ Green marketing: Produce and promote ecofriendly products ▪ Interactive marketing: Two way buyer-seller communication where the buy controls the kind/amount of information received from the seller ▪ Macro-marketing: How the aggregate flow of a nation’s goods/services benefits society ▪ Market orientation: Focuses on collecting information about customers’ needs & competitors to create more customer value ▪ Market: People with the desire and ability to buy the product ▪ Marketing concept: Striving to satisfy the consumers’ needs while achieving organizations’ goals ▪ Marketing mix: Product, placement, price, promotion ▪ Marketing program: Plan integrating the 4P’s to provide the good/service to the consumer ▪ Marketing: Planning and executing the 4P’s for good and services to satisfy a desire ▪ Micro-marketing: How an organization directs marketing activities and allocates resources for the consumers’ benefits ▪ Organizational buyers: Manufacturers/retailers/agencies that buy products for own use/resale ▪ Social marketing concept: Satisfying the needs of the consumer that helps society’s well being ▪ Social marketing: Influences the behaviour of individuals where the benefits of such behaviour go towards society and not the marketer ▪ Social media marketing: Consumer online marketing to promote or demote products and marketers brand platforms ▪ Social responsibility: Organizations being accountable to their society for their actions ▪ Target market: Potential customers to which marketing tactics are directed ▪ Ultimate consumer: People who use the goods/services for a household ▪ Value: What the customers get in return for what they’re paying (lowest price on average, loyalty deals, brand image, experience) 5: Marketing ▪ Is creating, communicating, delivering offerings that benefit the organization ▪ Requires: Unsatisfied needs, desire to satisfy them, communication, something to exchange ▪ Create a desire for a product, convince people to buy it ▪ Product design centred around customer needs ensures the company has a market/ interest ▪ Marketing has developed into customer relationships and retention beyond the “buy” ▪ Group of companies doing B2B marketing – ability and willingness to buy products/services 7: The breadth and depth of marketing ▪ What is a market? A market is people with desire and ability to buy a specific product ▪ Who markets? Every organization ▪ What is marketed? Goods, services, ideas ▪ Social marketing: Marketing to influence behaviours through which benefits accrue to the influenced people or to society ▪ Who buys and uses what is marketed? Ultimate customers (for personal use) and organizational buyers (raw materials/finished products) ▪ Who benefits? Consumers (lets people know their choices at differen
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