BU352 Study Guide - Midterm Guide: Self-Actualization, Micromarketing, Conversion Marketing
Document Summary
Marketing: set of business practices to plan and present a business"s g/s and build effective customer relationships. Requires product (creating), price (transacting), place (delivering), and promotion (communicating values) decisions. Orientations of marketing: product, sales, market, and value-based orientation. Product orientation: good will sell itself, don"t think of customer"s wants/needs. Sales orientation: get as many sales as possible through personal selling and advertisement, don"t think of customer"s wants/needs. Market orientation: create products based on customers" wants/needs = satisfied customers = long term loyal customers. Value-based orientation: satisfy customers" needs/wants with triple bottom line (people, profits, planet); benefits vs. costs. Share information: customer and competitors information collected through customer relationship management and share it across organization. Balance benefits with costs: benefits vs. costs; companies try to further satisfy customers" needs and develop long-term loyalties. Building relationships with customers: relational orientation (building long- term relationships) and customer relationship management (loyalty strategies) Connecting with customers using social and mobile media.
