Page 229 - Marketing the Basics 2nd

glossary 221
Customer lifetime value The net value generated by a customer over the course of their interactions with the firm.
Customer pyramid model A model that proposes marketers segment their customers into classes, from the most profitable to the least, and only target their resources towards those that do or can purchase more products or services.
Customer sales force A sales force structure where each sales- person specializes in selling to specific customers or industries.
Customer relationship management The process of identifying, developing and maintaining individual relationships with certain customers in the hope to maximize the total customer lifetime value.
Decision maker The person(s) who has the authority to make a purchasing decision.
Demand A call or need for a particular product the consumer desires to satisfy their needs.
Demographic cohort A group of people born in a particular time.
Demographic segmentation Dividing a target market on the basis of social identifiers, such as age, family size, income, gender, education, occupation, religion, social class, etc.
Differentiation An activity that emphasizes the differences between products.
Direct marketing A marketing strategy tailored around offering convenience, which in turn, builds stronger, more personal relationships between the buyer and selected customers. No intermediary promotion or distribution channels exist.
Digital signage An electronic billboard.
Direct-mail marketing A form of direct marketing where the seller sends a marketing offer to a prospective customer through the mail, or through the telephone system in the form of a fax, or voicemail.