principles of marketing

5Ms of marketing

Internal elements of a marketing plan that needs to be resolved if the plan is successful

Buyer

A person or institution that purchases goods or services

Consumer

The final user of a purchased product or service

Customer

A person who purchases a product or service

Customer equity

Total combined customer lifetime values of all of he company’s customers

Customer loyalty

An ongoing positive relationship between a customer and a business

Customer relationship management (CRM)

All strategies, techniques, tools, and technologies used by companies to develop, acquire, and retain customers

Customer retention

The ability of a company to turn customers into repeat buyers and prevent them from switching to a competitor

Customer value

The ratio of a perceived benefits relative to the costs incurred by the customer in acquiring the product or service

Customer-driven marketing strategy

A marketing strategy that shifts the focus from the product or service to its users