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CRM steps
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ID cust, differentiate cust, interact with cust (improve efficiency), customize good
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touchpoint
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any direct interface b/w cust & company
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sentiment analysis
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positive/negative/neutral assoc
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emotion analysis
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emotional reaction to product
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market basket analysis
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focused promo strategies based on previous purchases
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a/b test
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method to test 2 variations of same thing (a vs b)
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churn rate
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% of cust who will no longer be cust @ end of time period
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cost-per-order
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cost of gaining cust in terms of mkting expense
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types of decisions
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habitual: low involvement, low perceived risk
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limited:
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extended problem solving: high involvement, high percieved risk
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heuristics
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rules of thumb
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3 main categories of influence
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internal, situational, social
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internal influences
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perception, motivation, learning, attitude, personality, self-esteem, lifestyle
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classical conditioning
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pavlov's dog
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operant conditioning
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rewards & punishments
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behavioral learning
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how consumer behavior is changed by ext stimuli
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cognitive learning
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internal mental processes; ppl as problem solvers
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observational learning
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learning from observations
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affect
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feelings of attitudes
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cognition
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knowing of attitudes
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behavior
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doing of attitudes
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psychographics
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psych, socy, anthro factors to create mkt segs
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buying center
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group of ppl in org who make buying decision
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parts of segmentation
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demographics, psychographics, behavior
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PRIZM
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geodemographic system
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geotargeting
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targeted ads based on location
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usage rate
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quantity purchased or freq of use among
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usage occassions
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indicator based on when consumers use a product most
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phases of targeting
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eval mkt segs, develop seg profiles, choose targeting strategy,
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undifferentiated targeting
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appealing to broad spectrum o fppl
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differentiated targeting
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developing diff products for distinct cust groups; products are kept separate on mktplace
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concentrated targeting
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1/+ products to single market seg
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customized targeting
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targets specific products & msgs ab them to individ cust
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positioning
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mkt strategy focused on how cust percieve a product in comparison to competitors
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core product
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all benefits product will provide cust
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actual product
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physical good/delivered service
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augmented product
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actual product + supporting features (warranty, etc)
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CPG/FMGG
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low cost,fast moving prepack item
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unsought products
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products cust have little interest in until brought to attn
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adopter categories
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innovators, early adopters, early majority, late majority, laggards
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factors in rate of adoption
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relative advantage, compatibility, complexity, trialability, observability
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product line length
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number of separate items in same catergory
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full line
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targets many cust seg
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limited line
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fewer product variations
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upward stretching
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filling line with higher priced options
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two way stretching
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adding higher & lower price options
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filling out strategy
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adding sizes or styles
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cannibalization
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loss of sales when new item is added
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product mix
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total set of all products firm offers
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product mix width
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number of diff product lines firm produces
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intro stage
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no profit bc recovering R&D costs
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growth stage
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profits increase & peak
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maturity stage
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sales peak & profit margins narrow
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decline stage
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market shrinks, sales fall, & profits fall
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brand equity
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value of brand to org (brand vs generic)
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private label brands
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store brands
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universal product code
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UPC; barcode
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