Mm522 Study Guide Essay

6973 Words Oct 18th, 2011 28 Pages
1. The marketing mix: what is it, what elements/tools are parts of this concept; examples of how used to support marketing planning. Philosophies toward the marketplace, as in Selling, Marketing, Product, Societal; differences among these approaches, how success is measured; examples. (TCO A)
The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Marketing mix elements are the 4 P’s: price, place, product, and promotion (sometimes a 5th P: people). The 4 C’s: customer solution, customer cost, convenience, and communication. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion
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(TCO A)
Companies pay considerable attention to attracting and maintaining customers. Customer allegiance is critical if companies are to grow their business, maintain profitability, and further penetrate their target market. As globalization brings about more competition, Customer Relationship Management (CRM) has become significantly more important to marketing. CRM involves cultivating relationships with your most important customers – relationships that will hopefully result in a life-long customer. That's the heart of the marketing -- sustained repeat business. This relationship is fostered at its core by providing "the right product at the right time at the right price." Yet, it goes much deeper than this. It involves using market research to know who your customers are and to learn their wants and needs. It involves "knock-their-socks off" customer service when and where it’s needed. CRM utilizes a database from which marketers can draw information that helps them to craft value-added communications that provide "touch points" with their customers or prospective customers. The company databases that contain all this information about customers, prospective customers, etc., allow the marketers to interact with them. It provides everything from their birthdays to letting them know of specific product/service information that might spark a

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