MRK 202 CH 14(1) - Tagged
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19 Terms
Customer Relationship Management (CRM)
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer Acquisition
The process of gaining new customers.
Customer Retention
The ability to keep existing customers over time.
Customer Reacquisition
The process of winning back customers who have left.
Customer Experience Management (CEM)
Managing customer interactions to build brand equity and improve long-term profitability.
Touch Points
Interactions between a customer and a company that can impact customer experience.
Atmospherics
The physical environment of a shopping experience that influences customer behavior.
Values and Behaviors in CRM
The importance of organizational culture and support from top management in effective CRM.
Pareto’s Rule
The principle that 80% of a brand's sales come from 20% of its customers.
Data Mining
The process of analyzing customer patterns to make informed business decisions.
Privacy regulations (PIPEDA)
Canadian law that governs how personal information is handled in business.
Customer Lifetime Value
The total value a customer brings to a business over the duration of their relationship.
Share of Wallet
The percentage of a customer's total purchases within a specific product category that a company captures.
Loyalty Programs
Programs designed to enhance customer retention, such as rewards for repeat shopping.
Cultural Changes in CRM
The need for a cultural shift in organizations to embrace customer relationship management as a core company strategy.
Customer Satisfaction
The measure of how products and services meet or exceed customer expectations.
Social Media in CRM
Platforms that provide valuable insights into customer opinions and preferences.
Customer Acquisition and Retention Strategies
Approaches to identify and maintain profitable relationships with customers.
Marginal Customers
Customers that provide low value and are often deprioritized by companies.