BUSN 1101 Chapter Notes - Chapter 3: Customer Relationship Management, American Marketing Association, Marketing Strategy

• School: Northeastern University
• Department: Business Administration
• Course: BUSN 1101
• Professor: Bob Steere

Document Summary

Marketing: defined by american marketing association as activities, a set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, client, partners, and society at large. Customers usually try to buy products that offer the best value for their wants and needs. Value compares product"s value with its costs. Marketing strategies focus on increasing value for customers. Company may keep stores open longer during busy seasons. Company may offer information on how product can be used more effectively. Benefits offer customers utility: ability of a product to satisfy a human want or need . Marketing strives to provide 4 kinds of utility in the following ways: Form utility: providing products with features customers want. Time utility: providing products when customers will want them. Place utility: providing products where customers will want them. Possession utility: transferring product ownership to customers by setting prices, setting terms for credit payments, and providing ownership documents.