mkt320_chapter11

mkt320_chapter11 - Privacy Protection of personal...

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EXAM #2 Thursday, 3/27 Chapters 6,7,8,9,11 (not 10)
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Chapter 11
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Customer Relationship Management It costs 3 to 6 times more to sell products and services to NEW customers as it does to sell to existing customer GOAL = increase “share of wallet”
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Customer Relationship Management Strategies Programs Systems Focus is on identifying and building loyalty with a retailer’s most valued customers
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Loyalty Emotional connection Based on personal attention Exclusive or individually tailored offers or merchandise
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CRM Process LEARN Collect customer data Analyze Customer Data ACTION Develop CRM program Implement CRM program Getty Images
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Collecting Customer Data Transactions Customer contacts Customer preferences Descriptive information Responses to marketing
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Example: Harrah’s casino Rewards program Purchase prediction Integration
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Identifying Info Ask during purchase Frequent shopper card Internet purchasing Getty Images
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Unformatted text preview: Privacy Protection of personal information and transaction history Getty Images Analyze Customer Data Identify Segments Identify Best Customers Getty Images Customer Profile (Personas) Customer Pyramid Developing CRM Programs Customer retention Converting good customers Getting rid of unprofitable customers Customer Retention Frequent shopper program Special customer services Personalization Community Converting Good Customers Cross-selling Add-on selling Dealing with Unprofitable Customers High level of returns Not loyal Offer less costly services Charge customers fees for abused services Getty Images Implementing CRM Programs Close coordination MIS Sales/Marketing Operations (store) Human Resources Currently retailers are organized by product, not customer type Getty Images EXAM #2 Thursday, 3/27 Chapters 6,7,8,9,11 (not 10)...
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This note was uploaded on 09/24/2008 for the course MKT 320 taught by Professor Lewis during the Spring '08 term at Kentucky.

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mkt320_chapter11 - Privacy Protection of personal...

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