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Relationship marketing relies on the communication and acquisition of consumer requirements solely from existing customers in a mutually beneficial exchange usually involving permission for contact by the customer through an opt-in system.
v. t. e. Customer relationship management ( CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information. [1] CRM systems compile data from a range of different communication channels, including a company's website, telephone (which ...
Cross-selling is a sales technique involving the selling of an additional product or service to an existing customer. In practice, businesses define cross-selling in many different ways.
In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on shared characteristics.
It can be achieved in four different ways, including growing the market share of current goods or services; obtaining dominance of existing markets; reforming a mature market by monopolising the market and driving out competitors; or increasing consumptions by existing customers.
In 1980, he defined marketing as "satisfying needs and wants through an exchange process", and in 2018 defined it as "the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return".
In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product, or an idea, obtained from a seller, vendor, or supplier via a financial transaction or an exchange for money or some other valuable consideration. [1] [2]
Psychology. Consumer behaviour is the study of individuals, groups, or organisations and all the activities associated with the purchase, use and disposal of goods and services. Consumer behaviour consists of how the consumer 's emotions, attitudes, and preferences affect buying behaviour.
A customer value proposition is a business or marketing statement that describes why a customer should buy a product or use a service. It is specifically targeted towards potential customers rather than other constituent groups such as employees, partners or suppliers.
Customer retention refers to the ability of a company or product to retain its customers over some specified period. [1] High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely.