Thursday, 2 May 2024, 3:15 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
Lifetime ValueIn marketing, customer lifetime value, lifetime customer value, or life-time value is a prediction of the net profit attributed to the entire future relationship with a customer. |
Market SegmentationMarket segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations. |
Industry Driving ForcesIndustry conditions change because important forces are driving industry participants (competitor, customer, or suppliers) to alter their actions; the driving forces in an industry are the major underlying causes of changing industry and competitive conditions |
PEST AnalysisPEST Analysis is a measurement tool which is used to assess markets for a particular product or a business at a given time frame. PEST stands for Political, Economic, Social, and Technological factors. Once these factors are analysed organisations can take better business decisions. |
External AuditAn external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization, and is independent of the entity being audited. |
Internal AuditInternal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization's operations. |
Strategic Marketing PlanMarketing strategy is a long-term, forward-looking approach and an overall game plan of any organization or any business with the fundamental goal of achieving a sustainable competitive advantage by understanding the needs and want of customers. |
Tactical Marketing PlanA tactical marketing plan breaks down those business goals into marketing objectives, then details the marketing strategies and tactics that will be used to achieve those objectives |
Key Account PlanCoordination and planning of activities for complex accounts. |
ProcessesA series of actions or steps taken in order to achieve a particular end. |