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40 Cards in this Set
- Front
- Back
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CUSTOMER RELATIONSHIP MANAGEMENT- A company wide business strategy designed to optimize ______,________, and ________ ___________ by focusing on highly defined and precise customer groups (_______).
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profitability, revenue, and customer satisfaction. (segments)
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Key assumptions in implementing CRM are CRM is a ______ ___ _____ with no predefined start or finish. _______ is the foundation and critical to success(will need hardware, data of course)
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closed end loop, software
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the company customizes its product and service offering based on data generated through interactions between the customer and the company
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customer centric focus
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touch points- all possible areas of a business where customers communicate with that business. WHERE ______ ___ are gathered and used to guide and direct _____ _____ within the business unit.
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customer data, decision making
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Touch points in a CRM system and GOOD DATA SOURCE- customer registration for a service or ________, completion of warranty card or ________. and _______ _______ ________
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contest, survey, loyalty marketing programs
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store visits, conversations with salespeople, interactions via the web, traditional phone conversations, wireless communications are all...
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channels for acquiring data
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a medium of communication through which the customer interacts with a business at an external touch point; the traditional approach for acquiring information from customers
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channel for acquiring data
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a _____ _______ for data from various functional areas of the organization that are stored and inventoried on a _______ _____ system so that the information can be shared across all functional departments of the business
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central repository, centralized computer
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building a marketing database requires you to ____ ___ _____ ____
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collect the right data which contain response lists and compiled lists
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a response lists is _____ _____ and a compiled list is _____ and _______
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something returned, names and addresses
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data mining- a data analysis procedure requiring ______ _______ that identifies significant patterns of variables and characteristics that pertain to particular customers or customer groups
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computer software
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an example of data mining is
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20% of the customers provide 80% of the sales
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a data mining characteristic is
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analyze significant relationships simultaneously
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an example of modeling is
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data sorted on the basis of sorting data into distinct groups or clusters of consumer data based on census or house hold data.
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enhancing customer data consists of
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compiled data, modeled data, custom data
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customer segmentation, RFM, lifetime value analysis, predictive modeling, data mining
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analyze information to find answers
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customer segmentation, recency frequency monetary analysis(RFM), lifetime value analysis, predictive modeling
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TECHNIQUES for data analysis
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demographics, geographics, purchase behavior, psychographics
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segmentation bases
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A data manipulation technique that projects the future value of the customer over a period of years (repeat customer is more profitable than marketing to first time customers).
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lifetime value analysis
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A data manipulation technique in which marketers try to determine what the odds are that some other occurrence will take place in the future.
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predictive modeling
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leveraging customer information- _____ _______ leverages idenifies the most profitable customers
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data mining
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price- is that which is given up in an exchange to acquire a good or service. could be ______
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barter
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price is often used as a ________ _____. in the long run, price must ______ cost.
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promotional tool, exceed
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total revenue as large as ______ vs ____
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possible, cost
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setting prices so that total revenue is as large as possible relative to total costs
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profit maximization
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market share- a companys product sales as a ______ of total sales for that industry
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percentage
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the quantity of a product that will be sold in the market at various prices for a specified period. the quantity of a product that will be offered to the market by a supplier at various prices for a specific period
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demand and supply
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price equilibrium- the price at which demand and supply are equal. A _______ _______
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momentary condition
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consumers responsiveness or sensitivity to changes in price.
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elasticity of demand
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Formulas= Elastic Demand, Inelastic Demand, unitary elasticity
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E > 1 E< 1 E = 1
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stocking well known branded items at high prices in order to sell store brands at discounted prices
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selling against the brand
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charging a high price to help promote a high quality image
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prestige pricing
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Price is often used as a ______ ____
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promotional tool
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what is a situation when price skimming is successful?
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unique advantages/superior
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penetration pricing= a pricing policy whereby a firm charges a relatively ___ ____ ___ _ _____ _____ as a way to reach the mass market.
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low price for a product initially
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predatory pricing- the practice of charging a ___ ___ ____ __ _ ____ ___ __ ___ _ ____ ____ __ __ ____ __ ___ __ _ _____.
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very low price for a product with the intent of driving competitors our of business or out of a market.
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tactics for fine tuning the base price- _____ _____ (___), rebates _____ _ ___ ____.
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quantity discounts(most), only a few redeem
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prefer rebates to price reductions
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retailers
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in value based pricing, you should avoid using "_____" and "___ _____"
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cheap and low priced
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delayed quotation pricing- a firm price is not set until the item is either finished or delivered(____ __ ______)
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typically US government
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