BUS 1 Chapter Notes - Chapter 5: Relationship Marketing, Market Segmentation, Customer Relationship Management
Document Summary
Discusses the marketing concept, which involves identifying consumer needs and then producing the goods or services that will satisfy them while making a profit. Relationship marketing entails forging long term relationships with customers which lead to repeat sales, reduced costs, and stable relationships: strategy involves 5 components called the five ps of marketing, product, price, place, promotion, people. Organization that wants to be successful consider buyer behavior when developing the marketing mix. Buyer behavior = actions people take when it comes to buying and using products. Study of buyer behavior helps marketing managers better understand why people make purchases. To identify target markets most profitable for firm marketers use market segmentation = process of separating, identifying, and evaluating layers of market to identify a target market. Companies use research to ensure they are listening to voice of the customer: marketing research = process of planning, collecting, and analyzing data relevant to a marketing decision.
