Download Chapter Twelve - Cengage Learning

Marketing
• The activity, set of institutions and processes
for creating, communicating, delivering, and
exchanging offerings that have value for
customers, clients, partners, and society at
large
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12 | 1
Managing Customer Relationships
• Relationship marketing: Establishing long-term
mutually satisfying buyer-seller relationship
• Customer relationship management (CRM): Using
information about customers to create marketing
strategies that develop and sustain desirable customer
relationships
• Customer lifetime value: a combination of purchase
frequency, average value of purchases, and brandswitching patterns over the entire span of a customer’s
relationship with a company
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12 | 2
Major Marketing Functions
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12 | 3