MGMC02H3 Chapter Notes - Chapter 1: Customer Relationship Management
Document Summary
Two goals: attract new customers by promising superior value, and to keep and grow current customers by delivering satisfaction. A combination of products, services, information, or experiences offered in the market to satisfy a need/want. The mistake of paying more attention to a specific product the company offers instead of the benefits/experiences that are produced by the products. Choosing a target market and building profitable relationships with them. A set of benefits that they promise to consumers to satisfy their needs. Answers why customers should purchase the product. The idea that consumers will favour products that are highly available and high affordable and therefore should focus on improving production and distribution efficiency. Can lead to myopia; companies may focus too much on their own operations and lose sight of satisfying customer needs: product concept: Consumers will favour products with quality, performance, and innovative features.
