Exam 1 - Review Terms

Exam 1 - Review Terms - Chapter 1 Customer equity the total...

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Chapter 1 Customer equity - the total combined customer lifetime values of all of the company’s customers Customer lifetime value- the value of the entire stream of purchases that the customer would make over a lifetime of patronage Customer relationship management (CRM) - the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Cross-selling - selling one product or service, you incorporate another service or product, so if the first one fails, you then turn to the other option. Demand - human wants that are backed by buying power Exchange - the act of obtaining a desired object from someone by offering something in return Marketing - managing profitable customer relationships. The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Marketing concept - the marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and
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  • Spring '08
  • THOMAS
  • Marketing, profitable customer relationships, Intrepreneurial marketing Market challenger Market follower Market leader Market nicher, Market development Marketing, customers Customer lifetime, Intrepreneurial marketing Market

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Exam 1 - Review Terms - Chapter 1 Customer equity the total...

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