Unit 2 Marketing

• Transaction Based Marketing is a business tactic that emphasizes on single, "point of sale" trades.
• Relationship Marketing refers to the expansion, evolution, and upkeep of long-term, cost-effective exchange relationships with individual customers, suppliers, employees, and other partners for mutual benefits.
• The 1st Customer of the Organization are the employees who serve as the 1st customer within the organizations.
• Provide Value -Give away some of your secrets
• Welcome Dialogue -Listen to your community members and respond to what was said
• Be Responsive -Respond to feedback (both negative and positive), even if you’re simply letting your audience know that you’ve heard what they said
• Be Respectful -If someone opts out of your communications, make the request process easy and transparent
• Be Relevant. -When possible, customize or even contextualize your communications to personalize your audience experience.
• Be Authentic. -Authenticity resonates with your audiences, and authentic communications will motivate stakeholders to become more engaged.
• First Level: Focus on Price -Marketers must consider focusing on the price of a product that is offered for the chosen market.
• Second Level: Social Interactions -Customer service and communication are key factors.
• Third Level: Interdependent Partnership -Affiliation changed into essential changes that ensure partnership and interdependence between buyer and seller.
• Frequency Marketing –a marketing program that entices customers to make repeat purchases.
• Customer Churn - Customer turnover is expensive for a company that's why the firms should generate more profits with each additional year of a relationship.
• Affinity Marketing - Solicits responses from individuals who share common interests and activities.
• Retrieving Lost Customers -Customers leave for a variety of reasons according to (Kurts and Boone 2015)
• Prioritize Each Customer -Customer is the life blood of the company and the very reason why businesses exist.
• Strive to have a great reputation. -Reputations is one important factor of customers’ choice of their provider.
• Apologize when needed -Customer service failure is an avoidable circumstance in the business operations especially in the service business.
• Be Reachable -It is more important that the customers can easily reach you when they need your product or services.
• Focus on delivering a consistent experience -Excellent customer service involves interactions that are dependent on employees who can adjust themselves to the personality of their customers.