Chapter 14
Marketing and the Customer Relationship
By Boundless
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Value is the relationship between the consumer's perceived benefits and the perceived costs of receiving these benefits.
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Customer relationship management focuses on improving retention through improving communication with consumers, and leveraging data to better understand needs.
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In a competitive marketplace, customer satisfaction and loyalty can be key differentiator in the longevity of a firm.
Marketing departments have a huge range of responsibility including research, planning, development, promotion, physical distribution, etc.
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The marketing concept states that an organization achieves goals by knowing the needs and wants of target markets and delivering the desired satisfactions.
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The marketing concept has evolved through many different definitions over time.
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Modern trends in marketing include relationship marketing, business or industrial marketing, and societal marketing.
Target markets enable organizations to filter populations to identify the ideal characteristics of their customer group.
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The marketing mix is used to reach a target market and is often referred to as the "four Ps" of marketing: product, price, promotion, and place.