BMGT353 Chapter 11 - BMGT353 Chapter 11 Customer...

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BMGT353 Chapter 11 Customer Relationship Strategy Customer relationship management (CRM): a business philosophy and set of strategies, programs, and systems that focuses on identifying and building loyalty with a retailer’s most valued customers Share of wallet : the percentage of the customers’ purchases made from the retailer. More profitable customers need to be treated better! Customer loyalty: customers are committed to purchasing merchandise and services from the retailer and will resist the activities of competitors attempting to attract their patronage. This is the goal of CRM. CRM is an iterative process that turns customer data into customer loyalty through 4 activities: Collecting customer data Analyzing the customer data and identifying target customers Developing CRM programs Implementing CRM programs COLLECTING CUSTOMER DATA Customer database: part of the data warehouse that contains all of the data a firm has collected about its customers and is the foundation for subsequent CRM activities. The database should contain:
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  • Fall '08
  • staff
  • Management, Customer relationship management, CRM programs, customer data, frequent shopper programs, identifying target customers

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