MAR 201 Lecture Notes - Lecture 7: Customer Relationship Management, Marketing Mix

• School: Pace University
• Department: Marketing
• Course: MAR 201
• Professor: Ipshita Ray

Document Summary

Company"s marketing strategy outlines which customers it"ll serve & how it"ll create value for customers. Marketer develops integrated marketing program that will actually deliver intended value to target customers. Marketing program builds customer relationships by transforming marketing strategy into action: marketing mix: set of marketing tools firm uses to implement marketing strategy, major marketing mix tools are classified into 4 broad groups. The 4 ps of marketing: product, price, place, promotion, to deliver value proposition, firm must: Decide how much it will charge for offering (price) How it will make offering available to target consumers (place). Communicate w/ target customers about offering & persuade them of its merits (promotion). Firm must blend each marketing mix tool into a comprehensive integrated marketing program that communicates & delivers intended value to chosen customers: customer relationship management (crm): Customer data management activity: involves managing detailed info about individual customers & carefully managing customer (cid:498)touchpoints(cid:499) to maximize customer loyalty.