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MARK 1115 Chapter 18
chapter 18
20
Marketing
Undergraduate 1
03/28/2014

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Term
compiled list
Definition
A customer list that was developed by gathering names and addresses from telephone directories and membership rosters, usually enhanced with information from public records, such as census data, auto registrations, birth announcements, business start-ups, and bankruptcies.
Term
customer relationship management (CRM)
Definition
A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
Term
customer retention
Definition
The percentage of customers that repeatedly purchase products from a company.
Term
customer-centric
Definition
Under this philosophy, the company customizes its product and service offering based on data generated through interactions between the customer and the company.
Term
data mining
Definition
A data analysis procedure that identifies significant patterns of variables and characteristics that pertain to particular customers or customer groups.
Term
data warehouse
Definition
A central repository for data from various functional areas of the organization that are stored and inventoried on a centralized computer system so that the information can be shared across all functional departments of the business.
Term
database
Definition
A collection of data, especially one that can be accessed and manipulated by computer software.
Term
database enhancement
Definition
Purchasing information on customers or prospects to better describe their needs or determine how responsive they might be to marketing programs.18
Term
empowerment
Definition
Delegation of authority to solve customers’ problems quickly—usually by the first person the customer notifies regarding the problem. p. 11
Term
interaction
Definition
The point at which a customer and a company representative exchange information and develop learning relationships.
Term
knowledge management
Definition
The process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and the organization.
Term
learning (CRM)
Definition
An informal process of collecting customer data through customer comments and feedback on product or service performance.
Term
ifetime value analysis (LTV)
Definition
A data manipulation technique that projects the future value of the customer over a period of years, using the assumption that marketing to repeat customers is more profitable than marketing to first-time buyers.
Term
point-of-sale interactions
Definition
Communications between customers and organizations that occur at the point of sale, normally in a store.
Term
predictive modelling
Definition
A data manipulation technique in which marketers try to determine, based on some past set of occurrences, what the odds are that some other occurrence, such as a response or purchase, will take place in the future.
Term
recency–frequency–monetary analysis (RFM)
Definition
A data manipulation technique that determines the company’s best customers by identifying those customers who have purchased most recently, most frequently, and who have spent the most money.
Term
response list
Definition
A customer list that includes the names and addresses of individuals who have responded to an offer of some kind, such as through mail, telephone, direct-response TV, product rebates, contests or sweepstakes, or billing inserts.
Term
touch point
Definition
All possible areas of a business where customers communicate with that business.
Term
Web-based interactions
Definition
Communications between customers and organizations using Web vehicles.
Term
campaign management
Definition
Developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships.
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