MGMA01H3 Chapter 1: MGTB04 Chapter 1.doc
Document Summary
Understanding the marketplace and customer needs: marketers need to understand customer needs and wants and marketplace within which they operate. Building customer relationships understand marketplace and customer needs, design customer-driven marketing strategy, create marketing program, build profitable relationships. The changing nature of customer relationships: yesterday focused on mass marketing to all customers at arm"s length, build deeper, more direct, more lasting relationships carefully with selected customers. Relating with more carefully selected customers: few firms practice true mass marketing- selling standardized way to any customer who comes along, selective relationship management-> customer profitability analysis to weed out losing customers and target winning ones for pampering. Partner relationship management: partner relationship management: working closely with partners in other company departments and outside the company to jointly bring greater value to customers. Partners inside the company customer-focused: every functional area can interact with customers; every employee must be, cross-functional customer teams-> all departments create customer value.
