Exam 1 Concept Review Set 5 Flashcards
________ is the act of systematically reviewing comeptitive behavior so that competitor response can be predicted when changes in markets or industry take place
What is Competitive Analysis?
Why is Competitive Analysis relevant?
______ is relevant because in order to deliver value to the customer, firms must know what other firms in an industry are likely to do.
________ helps form and sustain valuable customer relationships by creating an opportunity to gather customer information rapidly in order to deliver a customized value proposition to the most valuable customers. It focuses on customer loyalty and retention with goal gaining market share and increasing the total lifetime value of the customer
What is Customer Relationship Management (CRM)?
Why is CRM relevant?
______ is relevant because if done well, it can provide a competitive advantage by delivering superior customer value, elevating firm trustworthiness and reliability, creating greater connections with the customer, and focusing the firm around the customer.
______ is the practice of using internal sets of data to develop models used to solve business problems.
What is Database and Database Mining?
Why is Database and Database Mining relevant?
_____ is relevant because large sets of consumer transaction data allows for managers to look for patterns in consumer responses to marketing mix features like pricing and advertising
The ______ is a typography developed to describe the best to worst customers. Platinum, gold, iron, and lead levels describe customer profitability. This measure is an outcome of a CRM program that focuses firm resources on customers with the most long-term profit potential
What is the Customer Pyramid?
Why is the Customer Pyramid relevant?
_______ is relevant because by identifying the most profitable customers, firms can use resources to those that will provide the most profit over time. Some customers will be discouraged, while upper-tier customers will be sought after.
