ESB v.2 Domain 2 Marketing & Sales Already Passed

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ESB v.2 Domain 2 Marketing & Sales Already Passed Acquisition costs The cost incurred by a business in relation to the efforts involved in acquiring a new customer. Customer Acquisition Cost (CAC)... The total cost of acquiring a new customer. Customer Retention Activities or strategies employed by a business to retain existing customers. Chamber of Commerce A local agency with information on participating local businesses. Demographics Statistical data (i.e., education, employment, income) that refers to particular groups within a population. Marketing A form of communication between businesses and customers which relays a message promoting services and/or goods. Marketing Plan A written plan that outlines a company's marketing strategies. Price The amount of money charged for goods or services. Primary Data First-hand research like surveys, interviews, and statistical data. Sales Channel How a business sells its products and services to the end customer. Sales Pitch A persuasive speech prepared to entice a potential customer to purchase a service or good. Secondary Data Data that may contain personal bias like company newsletters and academic journals. SWOT Analysis A planning tool used to document a company's strengths, weaknesses, opportunities, and threats. Target Market The group of customers a company chooses to market its products and services. Direct competitors Businesses that sell the same or similar products or services as your company Indirect competitors Businesses that sell products that are different from yours but are similar enough that their products could satisfy the same need Strengths (SWOT Analysis) Things your company does well (specific qualities that surpass your competitors, internal resources such as skilled staff, or tangible assets like top-of-the-line equipment, or capital) Weaknesses (SWOT Analysis) Areas where your company is lacking and, as a result, may be holding your company back; it could be limited resources or financial limitation Opportunities (SWOT Analysis) Anything that could increase your sales or grow your company Threats (SWOT Analysis) Anything that poses a risk to your company success and growth (it could be new competitors taking some of your business, negative media coverage, or environmental changes) Search Engine Optimization (SEO) marketing Is accomplished by companies using specific technical elements to ensure that search engine crawlers easily find and index the content, placing their articles in the top search results. Doing this is ideal because customers performing a search are more likely to open results at the top of the page rather than pages into the search results. Pay-per-click (PPC) Another way companies market on the internet - this method lets marketers place ads on websites within search engines. They pay a fee each time someone clicks on the ad and is directed to the business's website. Customer Acquisition Cost (CAC) Formula CAC = (Marketing expenses + Sales expenses)/# of new customers for the period Customer Retention Rate formula [(# of customers at the end of the period - # of new customers during the period)/# of customers at the start of the period] x 100 Customer Relationship Management (CRM) system is most useful in helping Customer Service support sales strategies because it ensures all customer interactions via email, live chat, and telephone exist in a single location. CRM support for customer service has a primary role because customer service blends marketing, sales, support, and retention efforts. [Show More]

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