- What is relationship marketing?
- How is a marketing-oriented firm different from a production-oriented firm or a sales-oriented firm?
- What are the major requirements for a group of individuals and organizations to be a market? How does a consumer market differ from a business-to-business market?
- What are the major components of a marketing strategy?
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- Relationship marketing is an aspect of Customer Relationship Management (CRM) that focuses on loyalty towards the customers and maintaining a long-term relationship with them rather than short-term goals like customer acquisition and individual sales. It recognizes the value of a customer and focuses on maintaining good relations with them.
- A production-oriented firm focuses on maximizing production output. A company succeeds only after manufacturing a large number of products at the cheapest possible price. On the contrary, a marketing-oriented firm completely focuses on the consumer. Companies do thorough market research and customize their products according to what they think the demands of the market would be.
- A market is a group of individuals or organizations or both that exchange goods and services for money. Markets are generally classified as consumer markets or business-to-business markets, based on the distinctive characteristics of the individuals and organizations within each market.
- Selection of the market, finalizing a place, product planning, pricing, and promotion are the major components of a marketing strategy.
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