Chapter 4 Flashcards
Customer relationship marketing:
- development of long-term, mutually beneficial, and cost-effective relationships with customer
- emphasizes a market pull strategy
- emphasizes a one-to-one marketing strategy
Steps for market pull strategy:
- Determine what your target customer wants
- Profile your target customer
- Adapt or create a product or service to satisfy this want or need
The ultimate one-on-one marketing is through:
Mobile apps. They are the new business opportunities for entrepreneurs
Mobile apps and apps for tablets can be developed for platforms such as:
- Microsoft
- BlackBerry
- Apple
- Androids
3 types of customers and descriptions of each:
- Primary: the primary or target customer is most likely to buy your product or service and could be a heavy user.
- Secondary: has a possibility of buying your product or service but needs convincing.
- Invisible: the one you don’t anticipate but has a need for your product or service. Often appears after you open the doors.
2 types of customer profiles with descriptions of each:
- Business to consumer (B2C) or end user profile: if your target customer is the consumer or end user, your customer profile will likely require demographics or psychographics.
- Business-to-Business (B2B) profile: offering your products/services, often on a contract basis, to other businesses. These supply chain companies need a customer profile that is based on business or company-type information.
Demographics:
- key personal characteristics of a group of people
- ex: age, sex, family status, age of children, education, residence
Psychographics:
- segmenting the population by lifestyles and values
- ex: where they eat and shop, sporting activities, entertainment activities, how socially and physically active they are, whether they travel for business or fun
How to complete psychographic profiling:
Will likely have to do your own psychographic research
Demographic and psychographic profiles are available from media sources such as:
- magazines
- TV and radio stations
- online
3 Characteristics of B2B:
- Target customers are other businesses
- Do not deal directly with the end user or consumer
- Major goal is to create partnerships, ventures, alliances, or associations with their target customers
A target customer profile for B2B would include:
- company profile
- end-user profile
- industry profile
10 tips for joint ventures and strategic alliances:
- Have a common purpose
- Conduct research
- Consider mutual benefits
- Provide a structure
- Consider potential advantages
- Invest in Human Resources
- Put it in writing
- Stay in touch
- Keep tabs
- Exit stage left
Field interviewing purposes:
- test your target customer profile, developed from secondary research against reality.
- ask questions of your potential customers
Surveying purposes:
- develop a questionnaire and identify a survey location
- get permission from the location owner.
- bargaining tactic: share the information you discover.
