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BUS 465 IMC
Topic 2
16
Marketing
Undergraduate 4
02/27/2012

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Cards

Term
Customer: Market Segmentation
Definition
Using consumer and market information to identify different groups of consumers based on:
Demographic, Geographic, Behavioral and/or Psychographic data.
Term
the market segmentation process begins with broad questions such as:
Definition
What kinds of customers do we have? How can we describe our customers? Where are they located? What is important to them?
What, when, where and how much do they purchase?
Term
Demographics: Individuals
Definition
Age, Income, Gender, Marital status, Ethnicity, Education, Job position
Term
Demographics: Organizations
Definition
Number of Employees Revenue and Income
Key Competitors (NAICS)
Term
Geographics
Definition
Country, Region, State, or Province, City and Metropolitan Area, Climate and Terrain Population, Size and Density,
Understanding Cultural Differences
Term
Geo-demographics variables
Definition
claritas PRIZM
Term
Behavioral Variables:
Definition
Volume of purchase – RFM recency, frequency and monetary value data. Key benefits sought by client Level of loyalty
Term
Psychographic variables
Definition
Activities, interests and opinion. Personality characteristics, Motivation
Term
observation
Definition
Of people, artifacts, organizations, patterns, Human or mechanical means
Term
Secondary Data Sources
Definition
Internal- financial, sales.
External-government, trade
organizations, syndicated sources
Term
Primary Data
Definition
Qualitative – small samples, in depth questions, not predictive of population
-Focus groups
-Depth Interviews
Quantitative - Survey research
Term
Database management
Definition
Storing and managing client information
Term
build database
Definition
Obtaining relevant information, Storing information in a usable, retrievable, secure format, Enhancing information over time, Analysis of information
Term
build database
Definition
At the core, a client database is a list.
It starts with a set of names and how to contact them.
Access to database information is key.
Term
Develop Communications Plan and Build Relationship
Definition
-Learn Your Customer’s Language
-Find Out Where to Reach Customer
-ReallyListen
-BeAccessible
-BeResponsive
-Be Responsible
-Don’t Over Commit
-Do What You Say You Will Do
-Work to Establish Long-term Relationships
-AlwaysThinkAboutIssues from Customer’s Perspective
-Continually Search for Ways to Improve Your Service or Product
-Followup
Term
components of customer model
Definition
gather info, build database, Develop Communication Efforts and Build Relationship
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