Accounting MRK108 Chapter Notes - Chapter 3: Customer Satisfaction, Relationship Marketing

• School: Seneca College
• Department: Accounting
• Course: Accounting MRK108
• Professor: Ruggero

Document Summary

Mrk108 lo3 differences between sales and market orientation. Understand the differences between sales and market orientation. Compared five characteristics: the orga(cid:374)izatio(cid:374)"s fo(cid:272)us, the fir(cid:373)"s (cid:271)usi(cid:374)ess, to whom the product is directed, fir(cid:373)"s pri(cid:373)ar(cid:455) goal, tools used to achieve those goals. Focus on what organization makes rather than what the market wants. Customer value: relationship between benefits and sacrifice to obtain benefits. Example: benefits costs = customer value. Customers value goods and services: quality they expect, sold at prices they are willing to pay. Customer satisfaction: custo(cid:373)er"s e(cid:448)aluatio(cid:374) of a good or ser(cid:448)i(cid:272)e i(cid:374) ter(cid:373)s if it has (cid:373)et the (cid:272)usto(cid:373)er"s (cid:374)eeds a(cid:374)d e(cid:454)pe(cid:272)tatio(cid:374)s. Attrition: a reduction or decrease in numbers: study = decreasing the lost of customers by 5 10 % could increase annual profit by as much as 75% (cid:862)keepi(cid:374)g (cid:272)urre(cid:374)t (cid:272)usto(cid:373)ers satisfied is just as i(cid:373)porta(cid:374)t as attra(cid:272)ti(cid:374)g (cid:374)e(cid:449) (cid:272)usto(cid:373)ers a(cid:374)d a lot less e(cid:454)pe(cid:374)si(cid:448)e. (cid:863) Link between their job and satisfaction of customers.