Ch. 14 Building Customer Relationships Flashcards
A principle that maintains that 80 percent of a company’s sales will come from 20 percent of its customers.
80/20 principle
An enduring opinion, based on a combination of knowledge, feelings, and behavioral tendencies.
attitude
Behavioral patterns and values that characterize a group of consumers in a target market.
culture
A collection of information about a customer as defined by CRM goals, including personal, demographic, lifestyle, and transaction data; online habits; past responses; and complaint history.
customer database
An approach that recognizes that, with every interaction, customers learn something about a company that will affect their desire to do business there in the future.
customer experience management (CEM)
The total profit expected from all future sales to a customer.
customer lifetime value (CLV)
A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on specific customer groups.
customer relationship management (CRM)
A process of identifying customers that fit into smaller, more homogeneous groups.
customer segmentation strategy
The features or characteristics of a product or service that customers use for comparison.
evaluative criteria
A group of brands that a consumer is both aware of and willing to consider as a solution to a purchase need.
evoked set
Goal-directed forces that organize and give direction to the tension caused by unsatisfied needs.
motivations
The starting point for all behavior.
needs
A group member who plays a key communications role.
opinion leaders
The individual processes that give meaning to the stimuli confronting consumers.
perception
The process of grouping things that are perceived as being similar.
perceptual categorization
