MGM101H5 Chapter Notes - Chapter 14: Customer Relationship Management, Marketing Mix, Situation Two
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MGM101H5 Full Course Notes
Verified Note
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Document Summary
Process of determining customer needs and wants and then developing good/services to meet those expectations. Due to mass production techniques, production capacity exceeded demand. Post second world war there was a baby boom and increase in consumer spending too. Customer-orientated: provide what customers really want; emphasize on meeting customer"s needs rather than promotion/sales. Service oriented: ensure everyone"s objective is customer satisfaction. Profit-orientated: focus on those goods/services which yield most profit. Customer relationship management: learning as much as possible about the customers and doing everything you can to satisfy them or even exceed their expectations. Marketing mix: designing a product to meet needs, set an appropriate price, getting the product to the right place, developing an effective promotional strategy. Market research: analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions: define the question and determine the present situation, collect data. Primary data: data you gather yourself e. g. : observation.
