Article last reviewed: 2018 | St. Rosemary Institution © 2010-2019 | Creative Commons 4.0

Marketing: Customer Relationship Management

Customer relationship management (CRM): The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. (Software that keeps your files, banking systems have all your information stored). The software can be assessed from wherever because its on the companies server. CRM entails cultural changes: CRM is an overall company…

Marketing: Distribution and Supply Chain

Nature and importance of marketing channels: Marketing channel: the set of individuals or firms involved in the process of making a product available. Intermediaries: Individuals or firms performing a role in the marketing channel, involved in making a product available. Functions performed by intermediaries: –          Transactional function: This is done when they buy and sell…

Market Segmentation & Targeting

Market segmentation: The aggregation of prospective buyers into groups that have common needs and respond similarly to marketing programs. 2 main market segments: –          Consumer market: Consists of products, ideas, and services that a person can purchase for personal use –          Business market: Products that are purchased either to run a business or to be…

Market research & development

Marketing information system (MIS): A set of procedures and processes for collecting, sorting, analyzing, and summarizing information on an ongoing basis. Market research: The process of collecting and analyzing information in order to recommend actions to improve marketing activities. Research classifications: Exploratory research: Preliminary research conducted to clarify the scope and nature of the marketing…