FM 262 Lecture Notes - Lecture 11: Data Mining, Gross Margin, Professional Wrestling In The United Kingdom

• School: FIT
• Department: Fashion Business Management
• Course: FM 262
• Professor: Suzanne Piazza

Document Summary

Retailer now concentrate on providing more value to their best customers. Retailer are concentrating on developing customer loyalty and increading share of wallet by providing more value to their best customers by using targeted, personalized merchandise, services, and promotions. Committed to purchasing merchandise and service from a retailer. Resist efforts of competitors to attract the loyal customer. Emotional attachment to retailer: personal attention, memorable positive experiences, brand building communication programs. Crm is an iterative process that turns customers data into customer loyalty through four activities: collecting customer data, analyzing the customer data and identifying target customer, developing crm programs, implementing crm programs. B disclosure of information unwanted sales contacts. Transactions a complete history of purchases: purchase date, price paid, skus bought, whether or not the purchase was stimulated by a promotion. Customer contacts by retailer (touch points: visits to web site, inquires to call center, direct mail sent to customer. Descriptive information about customers: demographic and psychographic data.