MKT 3310 Lecture Notes - Lecture 5: Cash Register, Sentiment Analysis, Data Mining

• School: Baylor University
• Department: Marketing
• Course: MKT 3310
• Professor: Randy Hacker

Document Summary

Customer relationship management (crm) a syste(cid:373)ati(cid:272) tra(cid:272)ki(cid:374)g of (cid:272)o(cid:374)su(cid:373)er"s prefere(cid:374)(cid:272)es and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs. Identify customers and get to know them in as much detail as possible: differentiate among these customers in terms of both their needs and their value to the company. Interact with customers and find ways to improve cost efficiency and the effectiveness of the interaction: customize some aspects of the goods or services that you offer to each customer. This means treating each customer differently based on what the organization has learned about him/ her through prior interactions. Touchpoint any point of direct interface between customers and the company (online, by phone, or in person) Collect and enter names and additional info about your customers. Verify and update, deleting outdated info: differentiate. Find higher-value customers who have complained about your product more than once.