chap 13

These flashcards cover key terms and concepts related to Customer Relationship Management (CRM), stakeholder engagement, strategic marketing planning, and customer loyalty programs outlined in the lecture.

CRM

The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Customer-centric culture

A culture focused on building relationships with customers at all levels of an organization.

Customer Acquisition

The process of attracting new customers.

Customer Retention

The actions taken to retain existing customers.

Customer Reacquisition

The process of winning back customers who have stopped doing business with a company.

Pareto’s Rule

80% of a brand’s sales come from 20% of its customers.

Data mining

The process of analyzing customer patterns and insights to make better decisions.

Database marketing

Collecting, processing, and analyzing information on customers and competitors to better meet their needs.

Stakeholders

People affected by what the organization does, including employees, customers, and communities.

Mission Statement

A statement of the organization's purpose or reason for existence.

Competitive advantage

A unique strength relative to competitors, often based on quality, time, cost, or innovation.

Growth-share matrix

A tool for business portfolio analysis that compares market growth rate and relative market share.

BCG Matrix

A strategic planning tool that categorizes business units based on growth rate and market share.

Customer Experience Management

Creating experiences that enhance customer satisfaction and solidify relationships.

Loyalty programs

Structured rewards programs aimed at encouraging customer retention and loyalty.

Two-way conversations

Engagement between consumers and brands that is dialogue-based rather than one-sided.