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?
What is a perceptual map?
A brand’s position relative to its competitors, drawn on two axes.
What are relationships?
The basic building block of CRM, and it is not “information.”
What are players (the book says ACTORS) and forces?
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 interactive, conditional, relativistic, and dynamic? (“Authentic” is not one.)
The four characteristics of value, and the one word people always add that is NOT one of them.
What is Realistic? (R is about the world; A, Achievable, is about your resources.)
In SMART, this is what the R stands for. Bonus: which letter is about YOUR resources and which is about the WORLD?
What are available in sufficient numbers, readily identifiable, and able to be profitably served?
The book’s three tests of a target market.
What is RFM?
These three letters combine recency, frequency, and monetary value.
What are situation analysis, marketing strategy, campaign development, execution, and measurement?
The five steps of the marketing process, in order.
What is Marketing 3.0?
Kotler’s humanity-centric generation of marketing, the home of cause-related marketing and the triple bottom line.
What are political, economic, social, technological, legal, and environmental?
Name all six letters of PESTLE.
What are competitive, benefit, lifestyle, usage, and price-and-value? (“Opportunity-based” is fake.)
The five positioning methods, and the fake one that shows up as a distractor.
What is customer lifetime value (CLV)?
The dollar value of the total profit or loss a customer is likely to produce over the life of the relationship.
What are demographics, geographics, psychographics, and behavioristics?
The four “ics.”
What are demand for participation, the globalization paradox, and an increasingly creative society?
Name the three major forces affecting contemporary marketing.
What is mission & vision (1), situational analysis (2), segmentation (4), objectives (5)?
Put these in order and give each its element number: objectives, segmentation, mission & vision, situational analysis.
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.
Pizza Hut called itself “Hut” for six days in August. Repositioning, yes or no? And name the three circumstances that DO justify a repositioning.
What are data warehousing (stores) and data mining (sorts and finds)?
One of these stores the data; the other sorts through it to find useful patterns. Name both, correctly matched.
What is deflation?
Falling prices AND falling wages, tighter credit, and fewer imports because demand has dried up.