AFM131 Lecture Notes - Lecture 6: Customer Relationship Management, Test Market, Crowdsourcing

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Trying to encourage brand engagement, encourage people to drink their brand. Bud light was immediate to respond to this mistake. Had to react to customer complaints, stop the label from being produced, and stop it from being sold. How to plan and present products/services to build effective customer relationships and keep them long-term. If you understand the customers" wants and needs, you can develop products that exceed their expectations. Shift from a seller focus to helping the buyer buy. The role of marketing used to focus on sell sell sell . Companies were more successful if they could produce more. Production capacity often exceeded immediate market demand, so focus shifted to selling. Automation, production lines, how they cleaned up their processes. Sell to one customer then move onto the next. Customer orientation do we know what they really want. Service orientation customer satisfaction is the #1 priority, no matter who you are in the organization.