Marketing

Essay text:

If the product’s performance falls short of expectations, the buyer is dissatisfied. If performance matches or exceeds expectations, the buyer is satisfied or delighted • Key to customer satisfaction is to matcher customer expectations with company performance • Smart companies aim to delight customers by promising only what they can deliver, then delivering more than they promise (similar to earnings management) • Total quality management is a system that empowers employees to accept or reject their own output to agreed standards, based on the premise that each work group is a customer of the preceding group and the continual advancement should be made towards zero defects • Quality has a direct influence on product performance and on customer satisfaction Exchange, Transactions and Relationships • Exchange is the act of obtaining a desired object from someone by offering something in return • Exchange allows society to produce much more than it would with an alternative system • At least 2 parties must participate and each must have something of value to the other • Each party must also want to deal with the other party and each must be free to accept or reject the other’s offer • Each party must be able to communicate and deliver • Transactions are trades between 2 parties that involves at least 2 things of value, agreed upon conditions, a time of agreement and a place of agreement • Relationship marketing is the process of creating, maintaining and enhancing strong, value laden relationships with customers and other stakeholders • Operation assumption: Maintain good relationships and profitable transactions will continue