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Marketing Chapter 21

Terms in this set (15)

campaign management
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
compiled list
a customer list 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, or bankruptcies
customer relationship management (CRM)
a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups
customer-centric
a philosophy under which the company customizes its product and service offering based on data generated through interactions between the customer and the company
data warehouse
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
database
a collection of data, especially one that can be accessed and manipulated by computer software
empowerment
delegation of authority to solve customers' problems quickly—usually by the first person the customer notifies regarding the problem
interaction
the point at which a customer and a company representative exchange information and develop learning relationships
knowledge management
the process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and the organization
learning
an informal process of collecting customer data through customer comments and feedback on product or service performance
lifetime value analysis (LTV)
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
point-of-sale interactions
communications between customers and organizations that occur at the point of sale, normally in a store
predictive modeling
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
response list
a customer list that includes the names and addresses of individuals who have responded to an offer of some kind, such as by mail, telephone, direct response television, product rebates, contests or sweepstakes, or billing inserts
touch points
all possible areas of a business where customers communicate with that business
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