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MGMA01H3 (200)
Chapter 1

MGMA01H3 Chapter Notes - Chapter 1: Customer Relationship Management

Management (MGM)
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Marketing is managing profitable customer relationships attracting customers by
promising superior value and satisfaction
Creating Value for Customers:
1. understand marketplace and customer needs and wants
2. design a customer-driven marketing strategy
3. construct a marketing program that delivers superior value
4. build profitable relationships and create customer delight
5. capture value from customers to create profits and customer equity
needs are shaped by human makeup
wants are shaped by society and marketing
market offerings: combo of products, services, info or experiences offered
to a market to satisfy a need or want
marketing myopia: mistake of paying more attention to the specific
product rather than the benefits and experiences produced by these products
satisfied customers provide for word of mouth, both bad and good
exchange: act of obtaining a desired object from someone by offering
something in return
marketing management: art and science of choosing target markets and
building profitable relationships with them
production concept: idea that consumers will favour products that are
available and highly affordable and that the organization should therefore focus on
improving production and distribution efficiency
product concept: consumers will favour products that offer the most
quality, performance and features and that the firm should therefore devote its energy
to making continuous product improvements
selling concept: consumers will not buy enough of the firm’s products
unless it undertakes a large scale selling and promotion effort
marketing concept: marketing management philosophy that achieving
organizational goals depends on knowing the needs and wants of target markets and
delivering the desired satisfactions better than competitors do
social marketing concept: company’s marketing decisions should consider
consumer’s wants, company’s requirements, consumer’s and society’s long run
customer relationship management (CRM): overall process of building
and maintaining profitable customer relationships by delivering superior customer
value and satisfaction
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