MGRL-1100 Chapter Notes - Chapter 11: Marketing Mix, Cognitive Dissonance, Consumer Behaviour

• School: Vanderbilt University
• Department: Managerial Studies
• Course: MGRL-1100
• Professor: Douglas D Edwards

Document Summary

Marketing- an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders long term profitability. Utility- the ability of goods and services to satisfy customer wants. Marketing concept- a business philosophy that makes customer satisfaction now and in the future the central focus of the entire organization. Customer relationship management (crm)- the ongoing process of acquiring maintaining and growing profitable customer relationships by delivering unmatched value. Value- a customer perception that a product has a better relationship than its competitors between the cost and the benefits customer satisfaction- when customers perceive that good or services delivers value above and beyond their expectations. Includes both the benefits that consumers seek from products and how consumers use the products marketing mix- the blend of marketing strategies for product, price, distribution and promotion.