Marketing Vocab
The idea that businesses should understand the needs and wants of consumers first, then develop a product/service for them.
Marketing Concept
Provide a reason why companies use CRM
To manage contacts, sales, and productivity; To maintain and manage marketing, sales, and customer service processes; To improve a company’s relationship with customers; To gather data on customers; To improve and manage a company’s sales pipeline.
The function of marketing that deals with the individualized attention provided and available to customers throughout their lifespan as customers.
Customer Service
Which function is it:
Qualifying a prospect to determine if they have a need for your product
Selling
This is the richest sports team in the world
Dallas Cowboys (NFL)
The marketing function that deals with how you'll get your product to consumers
Channel management (place)
What is a consequence of a company not tracking customer interactions and not using CRM?
Neglected customer needs, loss in sales, loss of active customers
What is pro-active customer service?
The act of anticipating customer needs and doing something about it before the customer knows they need it
Which function is it:
Setting objectives, strategies, processes, & procedures within a marketing department.
Market Planning
Toyota Corolla
Involves attempting to appeal to an entire market, rather than specific segments
Mass Marketing
Customer churn
Provide an example of pro-active customer service
*answers vary*
Customer Service
This is the best selling album of all-time
Thriller (Michael Jackson)
Involves sorting people into groups who share characteristics
Market segmentation
What is data mining?
The process of finding patterns and anomalies (irregularities) in data to predict outcomes.
What are the two main types of individualized attention in customer service?
Which function is it:
Using CRM to segment active customers by their behavioral characteristics.
Marketing Information Management
This movie is the highest-grossing film of all-time at over $2.92 billion
Avatar
During this period of time, brands emerged due to the fact that there was increased competition due to more businesses making identical goods.
Because of this, businesses needed a way to stand out and differentiate themselves-- so they created brands!
Sales-Orientation Era
Effective use of CRM will lead to ____________.
Customer Retention (keeping/maintaining current customers)
If we know what pro-active customer service means, provide an example of something that would be reactive customer service
*answers vary*
Which function of marketing is it:
The distributor for RC Cola loses access to 30% of their retail locations
Channel management (place)
Minecraft