Customer Relationship Management (CRM): Types, Models, and Strategy
Customer Relationship Management (CRM) Defined
Customer Relationship Management (CRM) is an integrated information system used to plan, schedule, and control pre-sales and post-sales activities within an organization. CRM embraces all aspects of dealing with prospects and customers, including the call center, sales force, marketing, technical support, and field service.
The primary goal of CRM is to improve long-term growth and profitability through a better understanding of customer behavior. CRM
Read MoreKey Concepts in Service Marketing: SERVQUAL and Consumer Behavior Drivers
The Service Marketing Triangle
The Service Marketing Triangle illustrates the three critical relationships necessary for successful service delivery:
Internal Marketing
The internal customers (employees) are the most critical part of the company. A service company cannot deliver value to its customers unless the internal customers are convinced and believe in the company. Companies should strive hard to inspire their employees to believe in the company’s vision and mission and act accordingly. Excellent
Key Marketing Strategies: Pricing, Research, and Advertising
Core Concepts in Marketing and Advertising
This document covers fundamental marketing and advertising concepts, from setting prices and conducting research to choosing media channels and crafting compelling messages. It also examines the broader economic impact of consumerism.
Understanding Pricing Policies and Practices
A pricing policy is the approach a company uses to price its products or services. It plays a critical role in determining a firm’s market position, profitability, competitiveness,
Marketing Intermediaries, Distribution Channels, and Promotion Strategies
Types of Marketing Intermediaries and Characteristics
Agents
The agent, as a marketing intermediary, is an independent individual or company whose main function is to act as the primary selling arm of the producer and represent the producer to users. Agents take possession of products but do not actually own them. Agents usually earn profits from commissions or fees paid for the services they provide to the producer and users.
Wholesalers
Wholesalers purchase products in bulk and store them until they
Read MoreEssential Concepts in Modern Digital Marketing Strategy
Microtargeting: Definition and Function
Microtargeting is a marketing strategy that uses consumer/prosumer data to identify individuals or small groups of like-minded individuals and influence their thoughts or actions. It works much like traditional demographic and geographic targeting, except that it operates at the individual, or “micro” level.
A/B Testing and Multivariate Testing
A/B Testing (Split Testing)
A/B Testing lets you compare up to three different versions of a message for any campaign.
Read MoreDefining Market Segments: Micromarketing Strategies
Market Segmentation and Micromarketing
Market segmentation involves using micromarketing, where firms adjust their programs to the needs and desires of precisely defined market segments (geography, demographic, psychographic, or benefits).
The final form of market segmentation is individual marketing (marketing by one), where the firm adapts its product or program for the needs of a specific consumer or organization.
The Rise of Micromarketing
The year 1990 became known as the “age of supersegmentation”
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