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Definition
| A customer list that was developed by gathering names and addresses from telephone directories and membership rosters, usually enhanced with information from public records, such as census data, auto registrations, birth announcements, business start-ups, and bankruptcies. |
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Term
| customer relationship management (CRM) |
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Definition
| A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups. |
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Term
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Definition
| The percentage of customers that repeatedly purchase products from a company. |
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Definition
| Under this philosophy, the company customizes its product and service offering based on data generated through interactions between the customer and the company. |
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Definition
| A data analysis procedure that identifies significant patterns of variables and characteristics that pertain to particular customers or customer groups. |
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Definition
| A central repository for data from various functional areas of the organization that are stored and inventoried on a centralized computer system so that the information can be shared across all functional departments of the business. |
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Term
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Definition
| A collection of data, especially one that can be accessed and manipulated by computer software. |
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Definition
| Purchasing information on customers or prospects to better describe their needs or determine how responsive they might be to marketing programs.18 |
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Term
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Definition
| Delegation of authority to solve customers’ problems quickly—usually by the first person the customer notifies regarding the problem. p. 11 |
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Term
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Definition
| The point at which a customer and a company representative exchange information and develop learning relationships. |
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Definition
| The process by which learned information from customers is centralized and shared in order to enhance the relationship between customers and the organization. |
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Term
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Definition
| An informal process of collecting customer data through customer comments and feedback on product or service performance. |
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Term
| ifetime value analysis (LTV) |
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Definition
| A data manipulation technique that projects the future value of the customer over a period of years, using the assumption that marketing to repeat customers is more profitable than marketing to first-time buyers. |
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Term
| point-of-sale interactions |
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Definition
| Communications between customers and organizations that occur at the point of sale, normally in a store. |
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Term
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Definition
| A data manipulation technique in which marketers try to determine, based on some past set of occurrences, what the odds are that some other occurrence, such as a response or purchase, will take place in the future. |
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Term
| recency–frequency–monetary analysis (RFM) |
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Definition
| A data manipulation technique that determines the company’s best customers by identifying those customers who have purchased most recently, most frequently, and who have spent the most money. |
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Term
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Definition
| A customer list that includes the names and addresses of individuals who have responded to an offer of some kind, such as through mail, telephone, direct-response TV, product rebates, contests or sweepstakes, or billing inserts. |
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Term
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Definition
| All possible areas of a business where customers communicate with that business. |
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Term
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Definition
| Communications between customers and organizations using Web vehicles. |
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Term
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Definition
| Developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships. |
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