ADV 3008 Chapter 1: ADV 3008 CHAPTER 1

• School: University of Florida
• Department: Advertising
• Course: ADV 3008
• Professor: Weigold Mike

Document Summary

Marketing has moved from transactional marketing (focusing on sales) to relationship marketing (creating, maintaining, and enhancing long-term relationships with customers and other stakeholders that result in exchanges of information of mutual value) Companies that commit to relationship marketing focus on: Identifying, satisfying, retaining, maximizing value or profitable customers. Managing the contacts between the customer and company to ensure effectiveness. Developing a full view of the customer by compiling and analyzing customer data. Relationships are important because it"s expensive to lose customers, expensive to acquire new ones and the value of a loyal customer is huge. Basic transactional - company sells the product and doesn"t follow up (ex. Reactive - company sells the product and encourages customer to call if there are any problems (ex. Accountable - salesperson phones customer after sale to check if the product meets expectations and asks about improvements (ex. car salesman) Proactive - salesperson/company contacts customers over time with suggestions about new products (ex.