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10 Cards in this Set
- Front
- Back
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Customer relationship management (CRM)
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is a business philosophy and se of strategies, programs and systems that focuses on identifying and building loyalty with a retailers most valued customers
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Share of wallet
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the percentage of the customers purchase made form the retailer
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Customer data base
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1. Transactions
2. customer contact 3. customer preferences 4. Descriptive information 5. Responses to marketing activity |
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Opt in
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personal info of the customer that is public and can be use for what ever purpose
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Merket basket analysis
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is a specific type of retail analytics that focuses on examining the composition of the basket or bundel of products purchased by a household during a single shopping occasion
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80 20 rule
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Platinum top 25%
gold sliver lead- make negative contribution |
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RFM analysis
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identifying the retailers best prospects on the basis recently they have made, frequency, monetary analysis.
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Customer retention
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1. frequent shopper program
2. special customer service 3. Personalization ( 1 on 1 retailing) 4. Community- |
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retail brand community
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is a group of customer who are bound together by their loyalty to retailer and the activities that they are engage
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Add on selling
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which involves offering and selling more products and services to existing customer to increase the retailers share of wallet with these customers
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