ADMS 3220 Chapter Notes - Chapter 1: Customer Relationship Management, Target Market

• School: York University
• Department: Administrative Studies
• Course: ADMS 3220
• Professor: unknown

Document Summary

Customer value: the benefits a customer receives from buying and using a good or service in relation to the costs and sacrifices of buying and using it. Target market: the group(s) of consumers or customers on which an organization focuses its marketing plan and toward which it directs its marketing efforts. Stakeholder: people or organizations who influence or are influenced by marketing decisions- who have a stake" in the outcome of an economic exchange. Exchange: the process by which some transfer of value occurs b/w a buyer and a seller. Consumer: the ultimate user of a g/s but not the only stakeholder whose needs need to be satisfied. Remember: orgs create value when it would be inefficient/ ineffective for the consumer to satisfy the need themselves. Needs: the recognition of any difference b/w a consumer"s actual state and some ideal or desired state- the way they"re satisfied dep. on the individual"s history, learning experiences and cultural environment.