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2. Quality is defined as the degree of excellence or superiority of an organizations goods and services. Customer satisfaction is the result of a good or service meeting or exceeding the buyer’s needs and expectations. Customer satisfaction fits into the definition of quality. The true measure of quality determines whether a business has satisfied its customers. A.V. Feigenbaum says “Quality is what you customer says it is-not what you say it is. To find out about your quality, ask your customer.” A typical business loses half of it’s customers every five years and the underlying reason for many customer defections is simple: the customers were not satisfied with the value they received from the firm.
3. The five components of the marketing environment are competitive, political-legal, economic, technological, and social-cultural environments. The competitive environment is the interactive exchange in the marketplace as organizations vie with one another to satisfy customers. Marketers actually face three types of competition. Their most direct competition occurs among marketers of similar products. A second type involves products that users can substitute for one another. The final type of competition occurs among all other organizations that compete for consumers’ purchases. The political-legal environment is the laws and their interpretations that require firms to operate under certain competitive conditions and to protect consumer rights. Regulations enacted at the Federal, state and local levels affect marketing practices, as do the actions of independent regulatory agencies. At the federal level, the Federal Trade Commission wields the broadest powers of any agency to influence marketing activities. The economic environment consists of forces that influence consumer buying power and marketing strategies. They include the stages of the business cycle, inflation, unemployment, resource availability, and income. There is also the international economic environment. This is important because changes in foreign currency rates affect marketing decisions.
4. The international marketplace differs from the domestic marketplace for many reasons. In the international marketplace marketers must pay close attention to economic, social-cultural, and political-legal influences when they venture abroad. A country’s infrastructure is a very important characteristic. It refers to a nations basic transportation network, communications systems, and energy facilities
Quotes talked about in this paper
- A.V. Feigenbaum says "Quality is what you customer says it is-not what you say it is. To find out about your quality, ask your customer." ...
Terminology mentioned in this research paper
similar products, consumer products, transportation network,
Names mentioned in this paper
Organizations included in this report
Federal Trade Commission, census bureau,
Locations mentioned in this paper
United States, Americas, Japans,
Companies referenced in this paper
Gucci, communications systems, Tiffany,
Keywords included in this paper
marketing, consumer, customers, consumer behavior, segmenting, World Wide Web, international marketing, marketing strategy, marketing plan, relationship marketing, buyer behavior, Customer satisfaction, SWOT analysis, marketers, goods and services, minority groups, consumer products, special efforts, determinant, market segmentation, marketing strategies, buying, organization, consumer rights, marketing mix, strategic marketing, family life, psychographic, Federal Trade Commission, population distribution, convenience, marketplace, step, social influences, customer service, competitive, buying power, decision process, target market, cohort effect, final type, Baby Boomers, tool, exchange rates, direct competition, environmental factors, census bureau, business cycle, brand loyalty, product information,