Marketing Approaches Flashcards
“Sticky” customers
Consumers who are loyal to a company and return to make more purchases.
Decision simplicity
The ease with which consumers can find trustworthy information about a product.
Churn rate.
The percentage of customers that cut ties with the company in any given time period.
WOM
Word of mouth marketing which relies on satisfied customers recommending the product to others.
Sensory testing
Assessment of products by panel members with exceptional sensory perception.
Haptic technology
Invention that simulates touch through vibrations on computers.
3-D marketing
Immersive form of consumer marketing.
Key account management (KAM)
System that coordinates all departments in a business-to-business (B2B) to ensure big clients are well served.
Frequency marketing
Promotion aimed at increasing repeat sales by rewarding customers for repeat purchases.
Direct Response (DR)
Marketing that invites consumers to respond directly to advertiser, by mail, telephone, or email.
Transaction marketing
Strategy that aims to persuade customers to make additional one-off purchases at the point of sale.
Long-tail marketing
Coined by Wired Magazine editor Chris Anderson, the term “long-tail marketing” takes its name from a demand curve depicting products with low demand or sales volume - niche products - that continue to sell and make profit over time.
