MKT 305 Study Guide - Comprehensive Final Exam Guide - Lincoln Mkt, Amplitude Modulation, Marketing Mix
Document Summary
How marketing oriented firms are different from production oriented firms. Many different ways for firms to generate customer value. Satisfying customers leads to a virtuous profitable cycle. Some differences in outlook between adopters of the marketing concept and production- oriented managers. They should be glad we exist, trying to cut costs and bringing out better products. To determine customer needs and how well company is satisfying them. To determine customer reaction, if used at all. Satisfy customers after the sale and they"ll come back again. Customer satisfaction before and after sale leads to a profitable, long-run relationship. Eliminate costs that do not give value to customer. Look at terms at the end of every study guide chapter. Clv: all of a person"s purchases over their lifetime in a relationship. Customer equity: revenues and costs of a group of customers over a certain period of time. See how the resources of a firm affect the search for opportunities (learning.
