Term
| Customer: Market Segmentation |
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Definition
Using consumer and market information to identify different groups of consumers based on:
Demographic, Geographic, Behavioral and/or Psychographic data. |
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Term
| the market segmentation process begins with broad questions such as: |
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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? |
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Term
| Demographics: Individuals |
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Definition
| Age, Income, Gender, Marital status, Ethnicity, Education, Job position |
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Term
| Demographics: Organizations |
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Definition
Number of Employees Revenue and Income
Key Competitors (NAICS) |
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Term
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Definition
Country, Region, State, or Province, City and Metropolitan Area, Climate and Terrain Population, Size and Density,
Understanding Cultural Differences |
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Term
| Geo-demographics variables |
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Definition
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Term
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Definition
| Volume of purchase – RFM recency, frequency and monetary value data. Key benefits sought by client Level of loyalty |
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Term
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Definition
| Activities, interests and opinion. Personality characteristics, Motivation |
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Term
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Definition
| Of people, artifacts, organizations, patterns, Human or mechanical means |
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Term
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Definition
Internal- financial, sales.
External-government, trade
organizations, syndicated sources |
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Term
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Definition
Qualitative – small samples, in depth questions, not predictive of population
-Focus groups
-Depth Interviews
Quantitative - Survey research |
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Term
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Definition
| Storing and managing client information |
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Term
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Definition
| Obtaining relevant information, Storing information in a usable, retrievable, secure format, Enhancing information over time, Analysis of information |
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Term
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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. |
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Term
| Develop Communications Plan and Build Relationship |
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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 |
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Term
| components of customer model |
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Definition
| gather info, build database, Develop Communication Efforts and Build Relationship |
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