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D099 - module 4

D099 - Unit 4

TermDefinition
Customer acquisition Process of gaining new customers by persuading them to purchase a company's products and/or services
Customer retention the ability to keep or retain customers for profitable business growth.
Customer profitability seeks to increase the profit margins of a particular customer segment by offering the desired product and service at the right time through the right channel.
integrating data Technical and business processes used to combine data from disparate sources into meaningful and valuable information
data mining The practice of examining large databases in order to generate new information
re-engineering processes Recreating a core business process with the goal of improving product output, quality, or reducing costs
data warehouse A large store of data accumulated from a wide range of sources within a company and used to guide management decisions
Data integrity The accuracy and validity of data
data breaches The intentional or unintentional release of secure or private/confidential information to an untrusted environment
Improved efficiency A CRM system organizes information, records, and reports and automates, streamlines, and monitors workflows and activities quickly.
Customer focus A CRM system increases a favorable customer experience and improves communication through tracking the connection of an organization with customers on all touchpoints.
Data accessibility Integrated CRM systems have instruments for collecting, analyzing, and making sense of customers' and prospects' information, so an organization can gather ideas to enhance its services and offerings.
Enhanced accountability A CRM system can improve workflows and communication between teams and employees, defining roles and responsibilities in an organization.
customer touchpoints an organization's interface with its customers
Key performance indicators (KPIs) data that assess the management of customer issues, customer calls, and service quality.
mass production The production of large amounts of standardized products, including and especially on assembly lines
target market A particular group of consumers at which a product or service is aimed
market segmentation The process of defining and subdividing a large homogeneous market into clearly identifiable segments having similar needs, wants, or demand characteristics
mass marketing targets as many people as possible and as often as a business can afford.
Relationship marketing recognizing the long-term value of relationships and extending communication beyond intrusive promotional messages.
One-to-one marketing a CRM strategy where service is personalized for every customer in order to foster customer loyalty.
database marketing A form of direct marketing using databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes
Created by: lissmisstree
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