BU121 Study Guide - Midterm Guide: Customer Satisfaction, Competitive Advantage, Market Segmentation
Document Summary
Core value proposition: a statement of the tangible results a customer receives from using your products. Marketing concept: identifying customer needs, and then producing the goods or services that will satisfy them while making a profit for the organization. Focusing on customer wants, so the organization can distinguish its product from competitors" offerings. Integrating all of the organization"s activities, including production, to satisfy these wants. Achieving long-term goals for the organization by satisfying customer wants and needs. Production orientation: an approach in which a company works to lower production costs without a strong desire to satisfy the needs of customers. Customer value is the ratio of benefits to the sacrifices necessary to obtain those benefits. Belief that price is not the only thing that matters. Customer satisfaction is the customer"s feeling that a product or service has met or exceeded expectations. Relationship marketing: a strategy that focuses on forging long-term partnerships with customers by offering value and providing customer satisfaction.
