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Essay text:
The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others.
In this chapter, we focus on the following questions:
What are the characteristics of products?
How can a company build and manage its product mix and product lines?
How can a company make better brand decisions?
How can packaging and labeling be used as marketing tools?
Technological advances and new market forces are creating a New Economy
Four drivers of the New Economy – digitalization and connectivity, disintermediation and reintermediation, customization and customerization, and industry convergence
New Economy – customer segments, customer lifetime value, focus on stakeholders, everyone does the marketing, build brands through behavior, customer retention, customer satisfaction, underpromising and overdelivering
E-commerce requires knowledge of web design, web advertising, and how to build sound revenue and profit models
Companies must develop Customer Relationship Management (CRM) skills to remain competitive
Organizational buying is the decision-making process by which formal organizations establish the need for purchased products and services, then identify, evaluate, and choose among alternative brands and suppliers...
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Common topics in this essay:
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