Marketing Flashcards
What is customer retention?
customer retention is the ability of customer to retain its existing customer over a period of time.
It is a measurement of customer loyalty and satisfaction.
What is customer satisfaction?
customer satisfaction is the degree of fulfillment experienced by customer after engaging with a certain product, services or overall company.
Meaning of marketing.
Marketing refers to the activities, strategies, and processes involved in promoting, selling and delivering product and services to customer.
it includes a wide ranges of activities aimed at understanding customer needs and desire, creating value, building strong relationships.
Marketing mix
The marketing mix consists of several components often refers to as 4P’s of marketing i.e., product, price, place and promotion.
core concept of marketing
The core concept of marketing is the customer. The entire marketing process revolves around understanding, satisfying and creating value for customer.
” modern marketing is a customer oriented, integrated and goal-oriented philosophy of business.” justify this statement.
Modern marketing can be justified as customer oriented, integrated and goal oriented philosophy of business through the following principles:
customer oriented philosophy
Modern marketing prioritizes understanding and fulfilling customer needs rather than simply selling products. this approach involves:
customer centric strategies: businesses focus on identifying customer preferences, expectation, and pain point through research methods like surveys, focus groups and social listening.
enhanced customer satisfaction: by addressing customer needs effectively, businesses foster loyalty and repeat purchases.
long term relationships: modern marketing emphasizes after sales support and continuous engagement to ensure customer satisfaction beyond the initial sale.
Integrated approach
Integrated marketing ensures that all communication channels work harmoniously to deliver a consistent brand message tailored to the customer journey. it includes:
unified messaging: businesses align their marketing efforts across platforms such as social media, email, TV etc. to create seamless experiences for customers.
customer journey mapping: marketers craft personalized messages for each stage of customer journey.
goal oriented philosophy
modern marketing is driven by clear objectives that align with business goals.
customer success as a priority: businesses aim to help customers achieve their goals through tailored products, services and experiences.
measurable outcomes: marketing efforts are designed to drive sepcific results like increased conversions, brand loyalty or market share growth.
adaptability and innovation: feedback from customers informs product development and marketing strategies ensuring businesses stay competitive in evolving markets.
in conclusion modern marketing integrates customers needs into every aspect of business strategy while alinging efforts across channels to achieve specific organizations goals.
