Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Customer, markets and firm strategy > Lecture unit 03 - Customer-cenntric marketing 2 > Flashcards

Lecture unit 03 - Customer-cenntric marketing 2 Flashcards

1
Q

What is customer centric marketing?

A

is designed around customer needs and interest and prioritizes customers over any other factor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is customer centric marketing about and what is the goal=?

A
  • understanding what makes customers different and unique
  • and exploring avenues to bring value to a one-on-one level

Goal: build and maintain lasting relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the historical focus oof customer-centric marketing?

A

1900´s: CRM
2000s: Customization
2010´s: Customer experience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the goal of CRM?
(Uprising in the 1990´s)

A

Goal: establish a continous dialogue across all customer touchpoints with most valueable customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

How did customization become important, what are the drivers behind this development?

A
  • Data collection allowed firms to customize offerings
  • personlized newsletters, postcards, personalized online advertisement
  • focus on pre-purchase phase
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

How did “customer experience” became important, what were the drivers behind this?

A
  • big-data analytical capabilities become more important for understanding and potentially personalizing the customer journey
  • Research shows that a customer-centric focus is an important facilitator within firms to create stronger customer-experiences
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Is customer orientation and customer centricity the same?

A

Customer orientation is not the same as customer centricity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is customer orientiation?

A
  • reactive improvement
  • mainly during purchase and use
  • focus on product and service
  • Goal: sales/revenues
  • implemtation by specialists and external service providers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is customer centricity? Characteristics and the goal

A
  • proactive development around customer needs
  • End-to-end, from innovation to servicing
  • Product, service, customer experience, business model, brand
  • Goal: added value for customer, customer loyalty
  • Implemented internally by the entire company
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the 3 forms of centricity? and what are the problems for each, and the benefit of customer centricity?

A
  • price centricity: offer low prices
    Problem: its not always possible to offer low prices
  • Product centricity: focus on design, innovation & functionality of products
    Problem: large losses if products fails
  • Customer centricity: focus on the customer satisfaction
    –>long-lasting stable customer relationship can overcome problems from price centricity and product centricity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the resaons for the importancy of customer-centric marketing?

A

Decreasing internet user growth: pool of availbe internet users is already online and shops elsewhere –>need to target these customers

decreasing customer loyalty:
- customer are more informated and less loyal
- looking for differentiated experiences
- higher tendency to switch brands if customer experience is better

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Why is there a decreasing customer loyalty?

A

decreasing customer loyalty:
- customer are more informated and less loyal
- looking for differentiated experiences
- higher tendency to switch brands if customer experience is better

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How can customer centricity increase loyalty and satisfaction?

A

By employing customer-centricity through offering
- hollistic
- ordered CX (Customer experience
- with long-term focus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Why is there a decreasing impact of mass advertising?

A

=people are aware that advertising messages and reality differ a lot, as a consequence: the firms

  • increase the advertising pressure
  • by sending the same message through various channels

Consequence:
–>Customers fell pursued by that and rather try to escape from it then reacting to it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is customer acquisition costs?

A

CAC: Sales and marketing expensesn / Number of customers

–>CAC have increased significantly in the past few years, therefore always reaching out for new customers, is not a good marketing strategy

–>Focus on customer retention is the only way to maintain sustainable revenues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the difference between retained customer adn loyal customers??

A
  • Retained customers they continously buy from your brand
  • Loyal customers: prefer to buy from your brand and act as brand ambassadors
17
Q

Customer retention and loyalty: On what should a company focus on?

A

–>Retention is a short-term strategy.

–>The focus should be on building a long-lasting and emotional connection to customers

18
Q

What are the benefits of customer-centric marketiing?

A
  • increase loyalty
  • increase efficiency
  • strengthens agility
  • fosters differentiation
19
Q

What are the key factors for efficient customer centric marketing?

A
  • Knowledge about customers
  • Personalized Campaigns
  • Structured Customer Data Platforms
  • Customer Lifecycle Management
  • Consistency
  • Corporate-wide customer centricity
20
Q

Key factors for efficient customer centric marketing:
How to gain knowledge about customers? (Methods]

A
  • interviews
  • surveys
  • social media monitoring
  • internal (past) data
  • speak to sales and customer support
21
Q

Key factors for efficient customer centric marketing:
What is important for structured customer data platforms?

A

requires special attention to data management and collection:

  • incentivize customer data collection with offers to produce a trade-off
  • gather customer data from multiple sources into one platform
  • Develop a 360-degree view of each customer for a better understanding & improved makreting campaiigns
  • Multi-channel orchestration allows for the delivery of a unified brand message, regardless of the touch point or department
22
Q

Key factors for efficient customer centric marketing:
What does customer lifecyle management do?

A

it offers insights on customer interaction strategies based on the stage of the customer journey they are in

23
Q

Key factors for efficient customer centric marketing:
What are the requirements for personalized campaigns for every customer?

A
  • Clear brand positioning and customer journeys
  • Remove Pain points in your customer journey
  • A/B test campaign and define control groups
  • Automated processes
  • Single customer view
  • Consistent multi-channel communication
24
Q

Requirement for personalized campaings for every customer
How can one get a clear brand positioning and customer journeys?

A
  • Ultimate customer satisfaction achieved by maximizing the overall impression over the course of the end-to-end journey
  • FInd ways to enhance the value of the customer journey and demonstrate to long-term customeers that you are participating in the long-run
  • Discover the most successful value drivers in the customer journey, with that, triggers can be set
25
Q

Requirement for personalized campaings for every customer
What is meant with automated process?

A
  • marketing campaigns should be developed automatically for each segment
  • Systems are used to trigger the right message to the right customer at the right time
  • IT is important to plan in advance to react quickly to customer signals
26
Q

Requirement for personalized campaings for every customer
What is important about the Single-customer-view and the conistent multi-channel communication?

A

Customers do not think in channels, only marketers do!

  • be consistent with marketing activities
  • organize customer data in a single Customer view
  • make the customer data accessible to all departments
27
Q

Requirement for personalized campaings for every customer
Why is it important or remove pain points in the customer journey?

A
  • Pain points (e.g. outdated content, non-functioning links
  • lead to a disruption in the customer journey (delivery gap)
  • –>negative customer behavior
28
Q

Requirement for personalized campaings for every customer
Why is personalization important? Which test for campaings can be used?

A

Personalization at scale allows to deliver tailored, meaningful and relevent customer communication

–>Use A/B tests of campaings for find most effective campaigns

29
Q

Key factors for efficient customer centric marketing:

What does Consistent customer centricity mean?

A

= refers to the integration of a connsumer-centric, hollistic approach everywhere in the organization

30
Q

Key factors for efficient customer centric marketing:
Why is corporate-wide customer centricity important?

A
  • Customer satisfation is determined by their experience along the whole chain of information
  • COrporate department must work together to offer a consistent experience
31
Q

Key factors for efficient customer centric marketing:How can customer centricity be made a managmeent principle in all departments?

A

through:

  • KPIs
  • Structure
  • Organization culture
32
Q

Key factors for efficient customer centric marketing:
What are elements of a customer centric company?

A
  • Commitment and support from top management
  • Deep, qualitative customer understanding
  • Customer-centric interactions and offerings
  • Alternative tools, processes, structures
  • Guidelines and KPIs from a customer perspective
  • Initiative for cultural change
33
Q

What is the goal of CRM?

A

Goal: build and maintain long lasting relationships

34
Q

Key factors for efficient customer centric marketing:
What are the strategies in the customer lifecyle management?

A

= offers insights on the customer interaction strategies based on the stage of the customer journey they are in

Acquire:

Retain

Increase value

Cherish

Customer, markets and firm strategy (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions