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| Customer Relationship Management |
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Definition
| Comprehensive business model for increasing revenues and profits by focusing on customers; has three objectives: Customer acquisition, Customer retention, Customer profitability |
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| interaction between 2 or more entities which happens anytime any place by any means for a purpose |
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| a strategy used to capitalize on opportunities by increasing the profitability of each client and relies heavily on the exploitation of strong customer relationships |
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An attempt to appeal to an entire market with one basic marketing strategy utilizing mass distribution and mass media. Also called undifferentiated marketing
Have little diversity in needs and wants, Advantage = cost savings, Disadvantage = competitors may identify segments |
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Divide the market into segments and develop separate marketing strategies for multiple segments
has a wide diversity of customers, Advantage = exploit the differences between segments, Disadvantage = high marketing costs |
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| The total gain expressed on a net present value basis that a business anticipates from having an enduring commercial relationship with a client over time |
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| the way that consumers think and ultimately respond to different types of goods and services, particularly certain brands of those products |
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| Difference between the benefits received and the perceived total price (Benefits/Costs) |
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| responses are considered the correct way to perceive, feel, think, and act, and are passed on to the new members through immersion and teaching |
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Process of identifying the needs of segments, selecting one or more as a target, and developing a marketing strategy for each
requires consideration of (know customers intimately, know what they buy, what interests and excites them)
• company resources
• degree of product variability
• products life cycle stage
• market variability
• competitors marketing strategies |
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| Dividing up a market into distinct groups |
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| the study and grouping of the people in a geographical area according to socioeconomic criteria |
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| Dicing the market based on how people conduct their lives (Personality, Motives, Lifestyles) |
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| the specific advantages looked for in products when buyers purchase them |
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| Four distinct but not wholly-predictable stages every product goes through from its introduction to withdrawal from the market: (1) introduction, (2) growth in sales revenue, (3) maturity, during which sales revenue stabilizes, and (4) decline, when sales revenue starts to fall and eventually vanishes or becomes too little to be viable. As a product moves through these stages, its pricing, promotion, packaging, and distribution are re-evaluated and changed if required to prolong its life. In summary, it is the journey from "new and exciting" to "old and dated." |
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| enabling prospects to try or use a product |
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| heart and soul of the brand; its fundamental nature or quality |
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a certain amount of awareness, reputation, and prominence in the marketplace
responsible for maintaining the brands marketing mix and communication with the customer
It involves the design and implementation of marketing programs and activities to build, measure, and manage |
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Definition
a gut feeling about a product, service, or organization.
it’s a consumers perception of the value and emotional response the brand delivers |
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