22-29 Marketing Flashcards
Allegiance Loyalty:
Strong commitment to a brand or company.
Defection
When customers leave for a competitor.
Involvement
Customer engagement with a product or brand.
Word of Mouth:
Customers sharing their experiences with others.
Repeat Business
Customers returning to make additional purchases.
Lost Customer Analysis
Studying why customers leave.
Customer Base
The group of customers who regularly buy from a company.
The 80/20 Rule:
80% of sales come from 20% of customers.
Enrich Database
Adding valuable information to customer data.
Data Mining
Analyzing large data sets to uncover patterns and insights.
Confidentiality
Keeping information private and secure.
CRM
Customer Relationship Management; strategies to manage customer interactions.
One-to-One Marketing
Personalized marketing tailored to individual customers.
Segment of One Marketing
Treating each customer as a unique segment.
Mass Customization:
Customizing products for individual customers on a large scale.
ACORN:
A segmentation tool classifying neighborhoods for marketing.
Brand Equity
The value a brand adds to a product
Brand Positioning
How a brand is perceived relative to competitors.
Flagship Brand
The most important or well-known brand of a company.
Generic Brand
A no-name or store-brand product
Brand Stretching
Expanding a brand into new categories.
Brand Dilution
Weakening a brand’s image by overextending.
Remote Communication
Communicating from a distance, often via technology.
Prudential Brands
Brands associated with careful and risk-averse decisions.
