Five Marketing Management Concepts

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There are five marketing management concepts and it includes production concept, product concept, selling concept, marketing concept and societal marketing concept.
Production cost: those companies who believe that products are not much expensive and they can be made available at many places, they can’t be any problem regarding products, parts and sale. Those companies who reduce the cost of production and to bring it down to the minimum level, these companies go to the large scale.
Product concept: those companies who believe in the quality of the product is good, the customer can easily be attracted and they get attracted towards the product of good quality. This effort increase the quality of their product.
Selling concept: firstly attract
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The following examples highlight some of the benefits of CRM applications. Information technology (IT) has long been recognized as an enabler to radically redesign business processes in order to achieve dramatic improvements in organizational performance. IT assists with the re-design of a business process by facilitating changes to work practices and establishing innovative methods to link a company with customers, suppliers and internal stakeholders. CRM applications take full advantage of technology innovations with their ability to collect and analyze data on customer patterns, interpret customer behavior, develop predictive models, respond with timely and effective customized communications, and deliver product and service value to individual customers. Using technology to “optimize interactions” with customers, companies can create a 360 degree view of customers (shown in picture below) to learn from past interactions to optimize future ones. The effective management of information has a crucial role to play in CRM. Information is critical for product tailoring, service innovation, consolidated views of customers and calculating customer lifetime…show more content…
Specifically, data warehouses extract, clean, transform, and manage large volumes of data from multiple, heterogeneous systems, creating a historical record of all customer interactions Constantly extracting knowledge about customers reduces the need for traditional marketing research tools such as customer surveys and focus groups. All the information such as product/services, buying pattern, geographic location everything is available to customer contact point in the organization. Other than transaction detail additional information can be help full for example, shipping status, product history, promotional packages. Brief outlines of organizational benefits with a data warehouse are:
 Accurate and faster access to information to facilitate responses to customer questions.
 data quality and filtering to eliminate bad and duplicate data
 Extract, manipulate and drill-down data quickly for profitability analysis, customer profiling, and retention modeling
 Advanced data consolidation and data analysis tools for higher level summary as well as detailed reports
 Calculate total present value and estimate
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