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Fundamental Of Marketing BBS 3rd Year Old is Gold Solution

fundamental of marketing bbs 3rd year

 Introduction To Marketing

Brief Answer Questions

1. What is customer retention?

Customer retention refers to the ability of a business to retain its existing customer over a period of time. It is a measure of customer loyalty and satisfaction, indicating the company's effectiveness in building long-term relationship with its customer base.

2. Mention the level of customer relationship management.

Customer relationship management (CRM) can be categorized into different levels based on the depth and complexity of customer-business relationship. Here are the levels of CRM: 
  • Basic interaction
  • reactive relationship
  • account management
  • customer partnership
  • collaboration

3. What is customer satisfaction?

Customer satisfaction refers to the degree of contentment or fulfillment experienced by customers after engaging with a product, service or overall interaction with a company. It is a measurement of how well a business meets or exceeds customer expectations and delivers value.

4. Give the meaning of marketing.

Marketing refers to the activities, strategies and processes involved in promoting, selling and delivering products or services to customer. It encompasses a wide range of activities aimed at understanding customer needs and desires, creating value and building strong relationships between businesses and their target market.

5. Mention the components of marketing mix.

The marketing mix consists of several components often referred to as 'Four Ps' of marketing i.e. product, price, place and promotion. These components are the key elements that business can manipulate and combine to create and implement effective marketing strategies.

6. Write in brief about core component of marketing.

The core component of marketing is the customer. The entire marketing process revolves around understanding, satisfying and creating value for the customer. It involves customer understanding, customer value creation and customer satisfaction.

7. Enlist the general premises of product concept.

The product concept is a marketing philosophy that focuses on the design, development and improvement of products or services to meet the needs and wants of the customer. It revolves around the idea that customer will favor products or services that offer the most quality, performance or innovative features. 

Short Answer Questions:

8. Modern marketing is a customer-oriented integrated and goal-oriented philosophy of business. Justify this statement.

The statement "Modern marketing is a customer oriented and goal oriented philosophy of business" can be justified as:
  • Customer-Centric Approach : Modern marketing recognizes that the success of a business relies on understanding and satisfying customers needs. It emphasizes the importance of conducting thorough market research, gathering customer insights, and tailoring products to meet the customer preferences. By placing the customer at the center of all marketing efforts, businesses can build strong relationships, enhance customer satisfaction and foster long term loyalty.
  • Personalization and Customization : Modern marketing acknowledges the diversity and individuality of customers. It emphasizes the need for personalized and customized marketing approaches to engage customers on an individual level. By leveraging data and technology, businesses can deliver targeted messages, personalized recommendations to enhance customer engagement.
  • Relationship Building : Modern marketing recognizes the value of building meaningful and long-lasting relationship with customers. It goes beyond transactional exchanges and focuses on nurturing customer relationships through continuous engagement, communication and generate repeat business, positive word of mouth and customer advocacy.
  • Customer Experience Focus : Modern marketing prioritizes delivering exceptional costumer experience across all touchpoints. It recognizes that positive experiences contributes to customer satisfaction, loyalty and advocacy. By ensuring consistent, seamless, and memorable interactions, businesses can differentiate themselves from competitors and create a competitive advantage.
In conclusion, Modern marketing leverages data analytics and technology to make informed decisions. By collecting and analyzing customer date, businesses can gain insight into customer, optimize marketing strategies and allocate resources more effectively to achieve business goals.


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