MKT 445

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Author:
belanger
ID:
263589
Filename:
MKT 445
Updated:
2014-02-23 21:39:58
Tags:
CRM
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Description:
ISU CRM
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The flashcards below were created by user belanger on FreezingBlue Flashcards. What would you like to do?


  1. Data Marketing
    • Identify & analyze customer population
    • Group based on similariies
    • recommend separate marketing campaigns for diff groups
  2. CRM
    • Database marketing at customer level
    • Strong company-to-customer relationships
    • Capture data & interact simultaneously
  3. Customer Value
    • economic value customer to firm
    • contribution margin or net profit
  4. Benefits of Customer Value
    • Decrease cost
    • Max revenue
    • Improve profit & ROI
    • Acquisition & retention of profitable customers
    • Reactivation of dormant customers
  5. CRM Functional level
    • Sales force automation in sales function
    • Develop campaign mgmt in mkt function
  6. Customer-facing Level
    • Single view of customer
    • Distribute customer intelligence
  7. Strategy level
    • Free CRM from tech underpinnings
    • Process to implement customer centricity & build shareholder value
    • Knowledge about customers affects entire org
  8. Step developing CRM
    • 1. gain enterprise-wide commitment
    • 2. Build a CRM project team
    • 3. Analyze business requirements
    • 4. Define the CRM strategy
  9. ROI
    ($in - $out)/$out

    Hard determining total benefits and total costs
  10. In-house Advantages
    • Tailor-made
    • Develop internal resources and skills
    • Avoid dependence on vendors
  11. In-house disadvantages
    • Most Expensive option
    • Difficult to attract & retain skill
    • Longer time commitment
  12. Outsourcing Advantages
    • Lower upfront cost
    • Pay-as-you-go option
  13. Outsourcing Disadvantages
    • Contact outsourcing company for every new requirement & pay for developments
    • Outsourcing business goes out of business
  14. Buy License Advantages
    • Proven record of success
    • IT concept & developments implemented with help of CRM vendor
  15. Buy License Disadvantages
    • Expensive- initial fees & license cost
    • High consulting fees
    • Integration with existing apps usually tough, expensive and time consuming
  16. Cloud advantages
    • Upfront costs lower
    • Scalable
    • Implement by module
  17. Cloud disadvantages
    • On-going per user fees can be high
    • Data security
  18. CRM benefits
    deliver offers, generate orders, &respond to customers
  19. Odds Against
    • x to y
    • P= y/(y+x)
  20. Sales Force Automation
    • Efficiently and effectively manage buyer-seller relationships
    • Any tech applied to sales situation
    • Efficientcy allows salespeople to reallocate their time
    • Build long-lasting relationships
  21. Key Acct Mgmt
    • Allocate right activities to right customers
    • 1. select accts
    • 2. design elements
    • 3. advance
  22. Social CRM concerns
    • Difficult to track content
    • Consumers have the power
    • Firms cannot control content
  23. Social CRM priority needs
    • need to improve effectiveness
    • need to improve integration
    • pressure to report quantified outcomes
  24. Social CRM Strategies
    • inserting into peer-to-peer conversations
    • Monitoring & adapting
    • defining mutual purpose- incentives and benefits
    • Successful participation
  25. Click Thru Rate (CTR)
    V/I
  26. Transaction Conversion Rate (TCR)
    P/V
  27. Take Rate (TR)
    P/I
  28. Bounce Rate
    E1/V
  29. Exit Rate
    Ep/Vp
  30. Pay Per Click
    Cost per click
  31. Pay Per view
    cost per mil... divide by 1000?
  32. Margin
    • net profit on purchase
    • Not including mkting $
  33. Total Margin
    M*P
  34. Ad Spend (S)
    total paid
  35. Return on Ad Spend (ROAS)
    TM-S/S
  36. Word of Mouth (WOM)
    V + referalls/ v
  37. Ad Rank
    max bid * quality score
  38. Actual cost
    (competitior rank/quality score) + .01
  39. Customer Database
    • Contact info
    • Demographic
    • Psychographic
    • Transactional
  40. Prospect Database
    Same as customer but not as much info because they aren't a customer yet
  41. Cluster Database
    • Info about small clusters of ppl
    • geographic
    • associations
    • lifestyles
  42. Enhancement Database
    • used to find specific info on a contact
    • can be purchased
  43. Passive vs active
    • passive not for strategic mkt
    • Active for strategic mkt
  44. Householding
    multiple contacts have same address... husband/wife
  45. Matchcoding
    taking elements of the name & address to develop a unique identifier
  46. Internal Privacy Concerns
    • collection
    • control
    • awareness
    • errors
    • improper access
    • unauthorized secondary use
  47. External Privacy Concerns
    • Internet
    • tech
    • public media
    • government
  48. Privacy Responses
    • Refusal
    • Misrepresentation
    • Removal
    • word-of-mouth
    • complaining to companies & third parties
  49. Privacy consequences
    • loss o trust & brand integrity
    • Decreased sales
    • decrease in data
    • increased costs
    • ethical dilemma
  50. Retention Rate
    M1/M0
  51. Defection Rate (DR)
    1-RRt
  52. Survival Rate (SR)
    Mt/M0
  53. Life Time Value (LTVt)
    (Mt*Pt)/(1+i)^t
  54. Customer LTV
    Mt*Pt*(1+I)^t

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