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.
A supply chain, sometimes expressed as a "supply-chain", is a complex logistics system that consists of facilities that convert raw materials into finished products and distribute them to end consumers or end customers. Meanwhile, supply chain management deals with the flow of goods within the supply chain in the most efficient manner.
Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities.
Business performance management (BPM), also known as corporate performance management (CPM) enterprise performance management (EPM), organizational performance management, or simply performance management are a set of management and analytic processes that ensure activities and outputs meet an organization's goals in an effective and efficient manner. Business performance management is contained within approaches to business process management.
In marketing, customer lifetime value, lifetime customer value (LCV), or life-time value (LTV) is a prognostication of the net profit contributed to the whole future relationship with a customer. The prediction model can have varying levels of sophistication and accuracy, ranging from a crude heuristic to the use of complex predictive analytics techniques.
Database marketing is a form of direct marketing that uses databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes. The method of communication can be any addressable medium, as in direct marketing.
A performance indicator or key performance indicator (KPI) is a type of performance measurement. KPIs evaluate the success of an organization or of a particular activity in which it engages. KPIs provide a focus for strategic and operational improvement, create an analytical basis for decision making and help focus attention on what matters most.
The term demand chain has been used in a business and management context as contrasting terminology alongside, or in place of, "supply chain". Madhani suggests that the demand chain "comprises all the demand processes necessary to understand, create, and stimulate customer demand". Cranfield School of Management academic Martin Christopher has suggested that "ideally the supply chain should become a demand chain", explaining that ideally all product logistics and processing should occur "in response to a known customer requirement".
Lead management is a set of methodologies, systems, and practices designed to generate new potential business clientele, generally operated through a variety of marketing campaigns or programs. Lead management facilitates a business's connection between its outgoing consumer advertising and the responses to that advertising. These processes are designed for business-to-business and direct-to-consumer strategies. Lead management is in many cases a precursor to sales management, customer relationship management and customer experience management. This critical connectivity facilitates business profitability through the acquisition of new customers, selling to existing customers, and creating a market brand. This process has also accurately been referred to as customer acquisition management.
Marketing effectiveness is the measure of how effective a given marketer's go to market strategy is toward meeting the goal of maximizing their spending to achieve positive results in both the short- and long-term. It is also related to marketing ROI and return on marketing investment (ROMI).
Return on marketing investment (ROMI) is the contribution to profit attributable to marketing, divided by the marketing 'invested' or risked. ROMI is not like the other 'return-on-investment' (ROI) metrics because marketing is not the same kind of investment. Instead of money that is 'tied' up in plants and inventories, marketing funds are typically 'risked'. Marketing spending is typically expensed in the current period.
Customer engagement is an interaction between an external consumer/customer and an organization through various online or offline channels. According to Hollebeek, Srivastava and Chen S-D logic-Definition of customer engagement is "a customer’s motivationally driven, volitional investment of operant resources, and operand resources into brand interactions," which applies to online and offline engagement.
Customer profitability (CP) is the profit the firm makes from serving a customer or customer group over a specified period of time, specifically the difference between the revenues earned from and the costs associated with the customer relationship in a specified period. According to Philip Kotler,"a profitable customer is a person, household or a company that overtime, yields a revenue stream that exceeds by an acceptable amount the company's cost stream of attracting, selling and servicing the customer."
Customer retention refers to the ability of a company or product to retain its customers over some specified period. 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. Selling organizations generally attempt to reduce customer defections. Customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship and successful retention efforts take this entire lifecycle into account. A company's ability to attract and retain new customers is related not only to its product or services, but also to the way it services its existing customers, the value the customers actually perceive as a result of utilizing the solutions, and the reputation it creates within and across the marketplace.
Sales effectiveness refers to the ability of a company's sales professionals to “win” at each stage of the customer's buying process, and ultimately earn the business on the right terms and in the right timeframe. Improving sales effectiveness is not just a sales function issue; it's a company issue, as it requires deep collaboration between sales and marketing to understand what is working and not working, and continuous improvement of the knowledge, messages, skills, and strategies that sales people apply as they work sales opportunities.
Marketing accountability is a term that signifies management with data that is understandable to the management of the enterprise. "Accountable Marketing" is another name that can be given to this process.
Sales process engineering is intended to design better ways of selling and make salespeople's efforts more productive. It has been described as "the systematic application of scientific and mathematical principles to achieve the practical goals of a particular sales process". Paul Selden pointed out that in this context, sales referred to the output of a process involving a variety of functions across an organization, and not that of a "sales department" alone. Primary areas of application span functions including sales, marketing, and customer service.
Enterprise engagement is a sub-discipline of marketing and management that focuses on achieving long-term financial results by strategically fostering the proactive involvement and alignment of customers, distribution partners, salespeople, and all human capital outside and inside of an organization. Enterprise engagement is distinct from the traditional sub-disciplines of financial management, marketing, sales, operations, and human resources in that it seeks to achieve long-term success by integrating these various traditional business disciplines to consistently focus the organization on identifying and meeting target audience needs. Enterprise Engagement is related to brand engagement, a term developed in Great Britain in the 2000s to describe an integrated external and internal marketing approach to achieving long-term success for a brand. Enterprise Engagement applies similar principals to the achievement of an organization's overall financial objectives.
A chief revenue officer (CRO) is a corporate officer (executive) responsible for all revenue generation processes in an organization. In this role, a CRO is accountable for driving better integration and alignment between all revenue-related functions, including marketing, sales, customer support, pricing, and revenue management.
Constituent Voice is a performance management and measurement method designed as a continual improvement process developed by Keystone Accountability to enable organisations addressing social issues to improve their results by improving relationships with their constituents. Like customer satisfaction measurement, which it draws from, Constituent Voice treats measurement as an aspect of an intervention that not only provides metrics but contributes directly to outcomes by increasing the engagement of intended beneficiaries.
