An organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
An approach that considers the needs of customers hen developing a marketing mix.
Person, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers.
Consumer Decision-Making Process
The specific sequence of steps consumers follow to make a purchase.
Finding solutions to problems through carefully designed studies involving consumers.
The locations and methods used to make a product or service available to the target market.
Channel of Distribution
The route a product follows and the businesses involved in moving a product from the producer to the final customer.
The exchange of information so there is common understanding by all participants.
Direct, individualized communication with prospective customers to asses their needs and assist them in satisfying thoses needs with appropriate products and services.
Any paid form of communication through mass media directed at identified consumer to provided information and influence their actions.
Product and Service Management
Designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs.
Involves determining the best ways for customers to locate, obtain, and use the products and services of an organization.
Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities.
Budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business
Analyzing existing information gathered for another purpose but used to solve a current problem is known as:
Studies carried out to gather new information specifically directed at a current problem
Collect information by recording the actions of consumers rather than asking them questions
presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results
Guarantee or Warranty
If the product breaks or does not meet customer expectations, the company will repair, replace, or provide a refund.
are the costs to the manufacturer of producing the product or the price paid by other businesses to buy the product
Direct Channel of Distribution
products move from the producer straight to the consumer with no other organizations participating
Indirect Channel of Distribution
Includes one or more other businesses between the producer and consumer
What are the components of effective communication?
Communication begins with a person or organization (the sender) that has information to communicate to another person or organization (the receiver). The sender chooses the way (communication channel) the information will be transmitted to the receiver. Before sending the message, the send decides the form in which the information will be sent; Text, spoken words, pictures. Preparing the information to be communicated is called (encoding). The receiver obtains the information from the channel and interprets it for understanding (decoding). To be sure that the communication achieved the desired result, the send needs to have a response from the receiver (feedback). If the receiver understood the information and responds in a way the send wanted, communication was effective. If the receiver does not respond or acts in an unexpected way, communication failed.
The words in (Parentheses are important words)
Communicates directly with each customer using information tailored to that person