BU121 Chapter Notes - Chapter 2: Sales Promotion, Marketing Mix, Customer Relationship Management
Document Summary
Core value proposition: a statement of the tangible benefits a customer receives from using your products, the 5 value drivers of the core value proposition are: Identifying consumer needs and then producing the goods or services that will satisfy them while making a profit for the organization. Product orientation: an approach in which a company works to lower production costs without a strong desire to satisfy the needs of customers. Customer value: the ratio of benefits to the sacrifices necessary to obtain those benefits, as determined by the customer; reflects the willingness of customers to buy a product. The (cid:272)usto(cid:373)e(cid:396)"s feeli(cid:374)g that a product has met or exceeded their expectations. Relationship marketing: a strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction. Customer relationship management (crm: the process used by organizations to track and organize information about current and prospective customers.
