300_Chapt 5_BB vers_Solo9_shortest.pptx

300_Chapt 5_BB vers_Solo9_shortest.pptx - MARKETING CHAPTER...

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CHAPTER 5 Marketing Analytics: Welcome to the Era of Big Data! M A R K E T I N G
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1-2 CRM: Key Decision Tool for Marketers Customer relationship management (CRM) involves systematic tracking of consumers preferences and behaviors over time in order to tailor individualized value propositions. Allows firms to get “up close and personal” A process by which firms enact their customer orientation Capture information at each customer touchpoint
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3 “R’s” of CRM Recruit new customers Retain profitable customers Reward best customers 1-3
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1-4 CRM Facilitates One-to-One Marketing One-to-one marketing includes several steps Identify customers and get to know them in as much detail as possible. Differentiate among these customers in terms of both their needs and their value to the company. Interact with customers and find ways to improve cost efficiency and effectiveness of the interaction. Customize some aspect of goods or services offered to each customer.
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Customer-Related Metrics 1-5
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1-6 Share of Customer It’s easier and less expensive to keep a current customer than it is to acquire a new one. Many firms look to increase share of customer, instead of share of market. Share of customer is the percentage of a given customer’s purchases in a category over time. Enables company to grow sales and profits at a lower cost, relative to new customer acquisition.
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1-7 Customer Equity and Lifetime Value Lifetime value of a customer is how much profit a firm will make on a customer.
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  • Spring '14
  • Broekemier
  • Marketing, Customer relationship management

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