BUS100 Chapter Notes - Chapter 12: Customer Relationship Management, Psychographic, Viral Marketing

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7 Jan 2019
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Customers buy products that offer the best value that meets their needs and wants. Marketing concept- to serve its present and potential customers at a profit (firm must know what customer wants) Value- comparison of a product to satisfy a human want or need. Benefits = functions of the product and emotional satisfaction associated with owning, experiencing or possessing it. Costs = sales price, expenditure of buyer"s time, emotional costs, etc. A satisfied customer perceives benefits derived from the purchase to be greater than the costs. Develop an entirely new product that performs better than existing products (greater performance benefits) Keep store open longer hours during a busy season (shopping convenience) Offer information that explains how a product can be used in new ways (new uses at no added cost) To understand how marketing creates value, we need to understand a product/service"s utility (ability for a product to satisfy a human want or need)

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