Value & the Eras
The era where the goal changed from making the sale to keeping the customer, and where customer lifetime value was born.
What is the Relationship Era?
A mission statement is grounded in this tense; a vision statement in that one.
What are the present (mission) and the future (vision)?
What S, T, and P stand for, and the one word that describes what the whole process is mainly focused on.
What are segmentation, targeting, positioning, focused on efficiency?
CRM is an entire philosophy of ______-centrality. Fill the blank, and it is not “product.”
What is customer?
The internal pair in SWOT, the two you have some control over.
What are strengths and weaknesses?
The four utilities of customer value.
What are form, time, place, and ease of possession?
Element 2 of the plan is the situational analysis. This tool is its final step.
What is a SWOT analysis?
A brand’s position relative to its competitors, drawn on two axes.
What is a perceptual map?
The basic building block of CRM, and it is not “information."
What are relationships?
One is pressure deriving from people; the other is the dynamics of the current situation. Name both, and the book’s word for the people one.
What are players (the book says ACTORS) and forces?
The four characteristics of value, and the one word people always add that is NOT one of them.
What are interactive, conditional, relativistic, and dynamic? (“Authentic” is not one.)
In SMART, this is what the R stands for. Bonus: which letter is about YOUR resources and which is about the WORLD?
What is Realistic? (R is about the world; A, Achievable, is about your resources.)
The one-sentence answer to the customer's question, "Why should I buy your brand instead of a competitor's?"
What is the value proposition?
These three letters combine recency, frequency, and monetary value.
What is RFM?
The five steps of the marketing process, in order.
What are situation analysis, marketing strategy, campaign development, execution, and measurement?
Kotler’s humanity-centric generation of marketing, the home of cause-related marketing and the triple bottom line.
What is Marketing 3.0?
Name all six letters of PESTLE.
What are political, economic, social, technological, legal, and environmental?
The five positioning methods, and the fake one that shows up as a distractor.
What are competitive, benefit, lifestyle, usage, and price-and-value? (“Opportunity-based” is fake.)
The dollar value of the total profit or loss a customer is likely to produce over the life of the relationship.
What is customer lifetime value (CLV)?
The four “ics.”
What are demographics, geographics, psychographics, and behavioristics?
Name the three major forces affecting contemporary marketing.
What are demand for participation, the globalization paradox, and an increasingly creative society?
Put these in order and give each its element number: objectives, segmentation, mission & vision, situational analysis.
What is mission & vision (1), situational analysis (2), segmentation (4), objectives (5)?
Pizza Hut called itself “Hut” for football season this year. Repositioning, yes or no? And name the three circumstances that DO justify a repositioning.
What is no, it was a promotion? Repositioning changes what people believe. Circumstances: insufficient differentiation, a key change in the market, declining sales or profits.
One of these stores the data; the other sorts through it to find useful patterns. Name both, correctly matched.
What are data warehousing (stores) and data mining (sorts and finds)?
Falling prices AND falling wages, tighter credit, and fewer imports because demand has dried up.
What is deflation?