Marketing 311 Study Guide Midterm 1

2501 Words Jan 8th, 2012 11 Pages
1. Managing customers as assets
- * Building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized * Different types of customers require different relationship management strategies * Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction * 2. Marketing Mix (4 P’s) * Product, price, place and promotion—the controllable set of activities that a firm uses to respond to the wants of its target markets * Product- goods, services and ideas * Price-everything the buyer gives up (time, energy, money) in exchange for the …show more content…
* Universal sets- all possible choices available to them for that product * Retrieval sets- brands or stores that can be easily remembered and always come to mind * Evoked set- alternative brands and stores that a customer states they would consider when making a choice(companies want to be here to increase likelihood of purchase and reduce searching in other areas). This is the group that the choice has been narrowed down to by specific criteria. * Evaluative criteria- a set of important attributes about a particular product. ( looking for a tv…picture quality, brightness, reputation, technical support…) * Determinant attributes- product or service features that are important to the buyer and where competing brands may differ. * Consumer decision rules- the set of rules and criteria that consumers use consciously or subconsciously to quickly and efficiently select from alternatives. * Compensatory- assumes that the consumer trades off one characteristic for another. * Non compensatory- when consumers choose a product or service on the basis of a characteristic regardless of the value of its other characteristics. * Decision heuristics- mental shortcuts that help a consumer narrow down choices. Price, brand, product presentation * Purchase and Consumption- buying a product and “putting it to the test” * Ritual

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