ADM 2320 Lecture Notes - Lecture 1: Customer Relationship Management, Abscissa And Ordinate, Customer Engagement

• School: University of Ottawa
• Department: Administration
• Course: ADM 2320
• Professor: Gurprit Kindra

Document Summary

Marketing is the process that subject to constraints attempts to establish product exchange relationships between two parties. Actual product: tangible aspects of a product, such as the brand name, design, features, etc. Core product: use, benefit or problem-solving service that the consumer is really buying. Needs: difference between a consumer s actual and some ideal or desired state. Wants: satisfy need that are influenced by culture and society. Benefits: sought by a consumer, motivates buying behavior. Market segmentation: grouping people into homogeneous groups with similar needs, interests, and priorities, values, and beliefs. Identify and satisfy customers needs when making a profit. Satisfaction of consumer wants and needs, super ordinate goal. Relationship management: facet of customer relationship management (crm) that focuses on customer loyalty and long-term customer engagement. Relationship marketing: is a facet of customer relationship management (crm) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales.