COMM 223 Study Guide - Final Guide: Customer Relationship Management, Social Media Marketing, Marketing Myopia

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Aida Faber

Document Summary

Marketing creating value for customers and building strong relationships in order to capture value from customers in return: discovering and satisfying needs, goal: attract new customers while maintaining current customers. Marketing is both a process (identifying and satisfying customer needs) and a cycle (mutual value generated between buyer and seller: designing a customer-driven marketing strategy. Marketing management orientations: production concept idea that consumers favour products that are available and affordable. Focus: improving production and distribution efficiency: product concept - idea that consumers favour products that offer quality, performance and features. Integrated marketing plan a(cid:374)al(cid:455)zes a fi(cid:396)(cid:373)"s (cid:272)u(cid:396)(cid:396)e(cid:374)t situatio(cid:374) a(cid:374)d t(cid:396)a(cid:374)sfo(cid:396)(cid:373)s the marketing strategy into action. Customer-perceived value (cid:272)usto(cid:373)e(cid:396)"s e(cid:448)aluatio(cid:374) of the diffe(cid:396)e(cid:374)(cid:272)e (cid:271)et(cid:449)ee(cid:374) (cid:271)e(cid:374)efits and costs of a market offering relative to competition. Customer satisfaction (cid:449)he(cid:374) pe(cid:396)(cid:272)ei(cid:448)ed pe(cid:396)fo(cid:396)(cid:373)a(cid:374)(cid:272)e (cid:373)at(cid:272)hes (cid:271)u(cid:455)e(cid:396)"s e(cid:454)pe(cid:272)tatio(cid:374)s: meets expectations: loyalty, exceeds expectations: advocacy. Customer engagement marketing - (cid:373)aki(cid:374)g a (cid:271)(cid:396)a(cid:374)d a (cid:373)ea(cid:374)i(cid:374)gful pa(cid:396)t of (cid:272)o(cid:374)su(cid:373)e(cid:396)s" conversations.