ECON 1BB3 Chapter Notes - Chapter 39: Social Media Marketing, Customer Relationship Management, Marketing Mix

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ECON 1BB3 Full Course Notes
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ECON 1BB3 Full Course Notes
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Focus efforts on three things: gathering information about customers and competitors, sharing this info within the organization, using information to create value, customer relationship with satisfaction. Customer relationship management: building long term relationships with customers by delivering value and satisfaction this would stimulate them to become loyal customer to the company in the long term. Social media: websites and online tools that allow users to interact with each other. Socialnomics: where consumers no longer search for products or services, instead products find them on the internet through constant exposure two distinct way to marketing. Using social media: consumer generated online marketing: consumers spread the word about the product a. This is changing the way marketing is going to be in the future: social media marketing: marketers use the online interfaces to spread word about their products and gather information. *note: presently many companies can be in various different eras depending on what product they sell (oil compared with clothing)

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