0_Wizard
Marketing all about studying and managing of exchange relationships.
Marketing is the study and management of exchange relationships.
chosen_Marketing_0
Marketing
chosen_topic_0_Marketing
Leader–member exchange theory
The leader–member exchange (LMX) theory is a relationship-based approach to leadership that focuses on the two-way (dyadic) relationship between leaders and followers. It suggests that leaders develop an exchange with each of their subordinates, and that the quality of these leader–member exchange relationships influences subordinates' responsibility, decisions, and access to resources and performance. Relationships are based on trust and respect and are often emotional relationships that extend beyond the scope of employment. Leader–member exchange may promote positive employment experiences and augment organizational effectiveness.
Marketing
Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. Marketing is defined by the American Marketing Association as ""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."" The term developed from the original meaning which referred literally to going to market with goods for sale.
Gift economy
A gift economy, gift culture, or gift exchange is a mode of exchange where valuables are not traded or sold, but rather given without an explicit agreement for immediate or future rewards. This contrasts with a barter economy or a market economy, where goods and services are primarily exchanged for value received. Social norms and custom govern gift exchange. Gifts are not given in an explicit exchange of goods or services for money or some other commodity. The nature of gift economies forms the subject of a foundational debate in anthropology. Anthropological research into gift economies began with Bronisław Malinowski's description of the Kula ring in the Trobriand Islands during World War I.
Trait activation theory
Trait activation theory is a personality theory of work performance based on the concept of trait activation, that is derived from an integration of trait theory, situationism, and personality-job fit theory. "Trait theory" is a psychological approach that includes studying personality traits as relatively stable individual differences that describe general predispositions or predictable common patterns of thinking and experiencing emotions that influence behavior. In fact, personality traits have been associated with important life outcomes (see Personality and life outcomes). The most well-known description or categorization of personality traits is called the "Big Five personality traits" which includes five broad personality dimensions: conscientiousness, extraversion, agreeableness, openness, and neuroticism (or emotional stability).
Power distance
Power distance is the extent to which the lower ranking individuals of a society "accept and expect that power is distributed unequally". It is primarily used in psychological and sociological studies on societal management of inequalities between individuals, and individual's perceptions of that management. People in societies with a high power distance are more likely to conform to a hierarchy where "everybody has a place and which needs no further justification". In societies with a low power distance, individuals tend to try to distribute power equally. In such societies, inequalities of power among people would require additional justification.
Customer relationship management
Customer relationship management (CRM) is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth. One important aspect of the CRM approach is the systems of CRM that compile data from a range of different communication channels, including a company's website, telephone, email, live chat, marketing materials, and more recently, social media. Through the CRM approach and the systems used to facilitate it, businesses learn more about their target audiences and how to best cater to their needs.
Indian Institute of Management Lucknow
The Indian Institute of Management Lucknow (abbreviated IIM Lucknow or IIM-L) is an autonomous public business school in Lucknow, Uttar Pradesh, India. It was established in 1984 as the fourth Indian Institute of Management (IIM) by the Government of India. IIM Lucknow offers post-graduate diploma, fellowship and executive programs in management. It is recognised as an "Institution of Excellence" by India's Ministry of Human Resource Development. IIM Lucknow also serves as the mentor institution for the newly established IIM Rohtak and IIM Kashipur. The institute is on a 200-acre site in the northern outskirts of Lucknow.