Class Notes (834,037)
Canada (508,290)
RMG 200 (77)
Ken Wong (25)

Chapter 14.pdf

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Retail Management
RMG 200
Ken Wong

Chapter 14 Customer Relationship Management A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty with a retailer’s most valuable customers. Customer Database History of purchases - promotion - Customer contacts by retailer (touch points)  Visits to website, inquires to call centre, direct mail sent to customer - Customer preferences - Descriptive information about customer - Customer’s responses to promotions The Privacy Act 10 Basic Principles: • Accountability • Identifying Purposes • Consent • Limiting Collection • Limiting Use, Disclosure, and Retention • Accuracy • Safeguard Security • Openness • Individual Access • Challenging Compliance RFM (Recency, Frequency, Monetary) - Analysis often used by catalogue retailers and direct marketers, is a scheme for segmenting customers based on how recently they have made a purchase, how frequently they make purchases, and how much they have bou
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