MGMA01H3 Chapter Notes - Chapter 1: Value Proposition, Voice Of The Customer, Frugality
Document Summary
Marketing: process by which companies create value for customers and build strong customer relationships in order to capture value from customer in return. Make purchases: markets deal with customer relationship management (how can we reach our customers?) & customer-managed relationships (how should our customers reach us?) Competitors (demographics, economic, natural, environmental forces technological, political and social/cultural) Each party in the system adds value for the next level. Arrows = relationships that must be developed and managed. Disadvantage: aggressive selling holds high risks as it focuses more on sale transactions rather than building long term, profitable customer relationships. Aim: to find the right products for your customers. 3 considerations underlying the societal marketing concept. Customer relationship management: overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Customer relationship levels and tools: frequency marketing programs reward customers who buy frequently or in large amounts, club marketing programs offer members special benefits and create member communities.
