Understand the meaning of marketing and the importance of management of customer relationships.
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Maintaining positive relationships with customers is crucial.
Relationship marketing is establishing long-term, mutually satisfying buyer-seller relationships.
Customer relationship management uses information about customers to create marketing strategies that develop and sustain desirable customer relationships.
Managing customer relationships requires identifying patterns of buying behavior and focusing on the most profitable customers.
Customer lifetime value (CLV) is a combination of purchase frequency, average value of purchases, and brand-switching patterns over the entire span of a customer's relationship with the company.
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Building Customer Relationships
- Identify the major steps in the consumer buying decision process and the sets of factors that may influence this process.
- Distinguish between a marketing information system and marketing research.
- Describe how market measurement and sales forecasting are used.
- Explain how the marketing environment affects strategic market planning.
- Contemporary Views on Motivation: Goal-Setting Theory
- Contemporary Views on Motivation:Expectancy Theory (Victor Vroom)
- Contemporary Views on Motivation: Equity Theory
- Historical Perspectives on Motivation:Reinforcement Theory
- The Features of Theory Z
- Historical Perspectives on Motivation: Theory X, Y and Z.
- Maslow's Hierarchy of Needs
- What Is Motivation?
- Understand the types, development, and uses of teams.
- Explain several techniques for increasing employee motivation ?
- Describe three contemporary views of motivation: equity theory, expectancy theory, and goal-setting theory.
- Understand some major historical perspectives on motivation.
- Explain what motivation is.
- Describe cultural diversity and understand some of the challenges and opportunities associated with it.
- Discuss performance appraisal techniques and performance feedback.
- Explain the purposes and techniques of employee training and development ?
- Discuss the primary elements of employee compensation and benefits ?
- Describe the processes of recruiting, employee selection, and orientation ?
- Explain the objectives and uses of job analysis ?
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