Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

D174 Module 5

CRM

TermDefinition
Customer Relationship Management (CRM) comprehensive business model for increasing revenues and profits by focusing on customers
Customer Satisfaction The level of liking an individual harbors for an offering.
Customer Loyalty A customer’s commitment to a company and its products and brands for the long run.
Customer Lifetime Value (CLV) An important metric in CRM that demonstrates that successful long-term relationships with customers pay handsomely in terms of cost savings, revenue growth, profits, referrals, and other important business success factors.
Return on Customer Investment (ROCI) A calculation that estimates the projected financial returns from a customer. It is a useful strategic tool for deciding which customers deserve what levels of investment of various resources.
Firing a customer he shifting of investment of resources from a less attractive customer to more profitable ones.
Elements in process cycle for CRM (1) knowledge discovery, (2) marketing planning, (3) customer interaction, and (4) analysis and refinement.
Knowledge discovery process of analyzing the customer information acquired through various customer touchpoints.
Customer Touchpoints Where the selling firm touches the customer in some way, thus allowing for information about him or her to be collected.
Data Warehouse A compilation of customer data generated through touchpoints that can be transformed into useful information for marketing management decision making and marketing planning.
Data mining A sophisticated analytical approach to using the massive amounts of data accumulated through a firm’s CRM system to develop segments and microsegments of customers for purposes of either market research or development of market segmentation strategies.
Data base marketing Direct marketing involving the utilization of the data generated through CRM practices to create lists of customer prospects who are then contacted individually by various means of marketing communication.
Marketing planning represents a key use of the output from the knowledge discovery phase. That is, the information enables the capability to develop marketing and customer strategies and programs.
Customer interaction represents the actual implementation of the customer strategies and programs. This includes the personal selling effort, as well as all other customer-directed interactions.
Analysis and Refinement organizational learning occurs based on customer response to the implemented strategies and programs. Think of it as market research in the form of a continuous dialogue with customers, facilitated by effective use of CRM tools
Formalization The formal establishment of a firm’s structure, processes and tools, and managerial knowledge and commitment to support its culture.
Customer mind set An individual’s belief that understanding and satisfying customers, whether internal or external to the organization, is central to the proper execution of his or her job.
Big Data The ever-increasing quantity and complexity of data that is continuously being produced by various technological sources.
Structured data Data that is generated in such a way that a logical organization is imposed on it during its generation, thus enabling it to be more readily analyzable for knowledge creation.
Unstructured data Data that is generated in such a way that it does not possess a specific organizational structure that renders it readily analyzable for knowledge creation.
Semi-structured data Data that contains some elements of structure that make it easier for machines to understand its organization, but still contains parts that do not possess an appropriate level of structure to make them readily analyzable by automated means
Six key sources of Big Data business systems, social media platforms, Internet-connected devices, mobile apps, commercial entities, and government entities.
Marketing analytics A set of methods facilitated by technology that utilize individual-level and market-level data to identify and communication meaningful patterns within the data for the purpose of improving marketing-related decisions.
Marketing analyst An individual familiar with different forms of market and customer data and who is trained to conduct different market analyses, as well as the computational costs associated with those analyses.
Descriptive analytics An approach that utilizes data to provide summary insights.
Diagnostic analytics An approach that utilizes data to explore the relationships between different marketing-relevant factors that influence the organization’s performance either directly or indirectly.
Predictive analytics An approach that utilizes data to make predictions about future marketing outcomes of interest.
Prescriptive analytics An approach that involves determining the optimal level of marketing-relevant factors for a specific context by considering how adjusting their levels in varying ways will impact different marketing outcomes.
Sentiment analysis A type of analytic method that identifies the general attitude (e.g., positive, negative, or neutral) contained within a message through an analysis of its content.
Attribution A key consideration that arises when assessing the impact of the marketing mix, which can be thought of as determining how to give appropriate credit to different elements of the marketing mix through the measurement of their effects.
Content Filtering An analytic method that identifies which products or services to recommend based on a determination of how similar a product or service seems to be to those that the customer has demonstrated a preference for in the past, or is currently considering.
Collaborative filtering An analytic method that predicts a customer’s preferences for products or services based on the observed preferences of customers who are perceived to be similar.
Marketing dashboard A comprehensive system of metrics and information uniquely relevant to the role of the marketing manager in a particular organization. Dashboards provide managers with up-to-the-minute information necessary to run their operation.
Potential pitfalls in marketing dashboards Overreliance on “inside-out” measurement; Too many tactical metrics; not enough strategic insight;Forgetting to market the dashboard internally.
Return on Marketing Investment (ROMI) What impact an investment in marketing has on a firm’s success, especially financially.
Created by: mkale
Popular Marketing sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards