14.2: Key terms and concepts
- Page ID
- 24943
\( \newcommand{\vecs}[1]{\overset { \scriptstyle \rightharpoonup} {\mathbf{#1}} } \) \( \newcommand{\vecd}[1]{\overset{-\!-\!\rightharpoonup}{\vphantom{a}\smash {#1}}} \)\(\newcommand{\id}{\mathrm{id}}\) \( \newcommand{\Span}{\mathrm{span}}\) \( \newcommand{\kernel}{\mathrm{null}\,}\) \( \newcommand{\range}{\mathrm{range}\,}\) \( \newcommand{\RealPart}{\mathrm{Re}}\) \( \newcommand{\ImaginaryPart}{\mathrm{Im}}\) \( \newcommand{\Argument}{\mathrm{Arg}}\) \( \newcommand{\norm}[1]{\| #1 \|}\) \( \newcommand{\inner}[2]{\langle #1, #2 \rangle}\) \( \newcommand{\Span}{\mathrm{span}}\) \(\newcommand{\id}{\mathrm{id}}\) \( \newcommand{\Span}{\mathrm{span}}\) \( \newcommand{\kernel}{\mathrm{null}\,}\) \( \newcommand{\range}{\mathrm{range}\,}\) \( \newcommand{\RealPart}{\mathrm{Re}}\) \( \newcommand{\ImaginaryPart}{\mathrm{Im}}\) \( \newcommand{\Argument}{\mathrm{Arg}}\) \( \newcommand{\norm}[1]{\| #1 \|}\) \( \newcommand{\inner}[2]{\langle #1, #2 \rangle}\) \( \newcommand{\Span}{\mathrm{span}}\)\(\newcommand{\AA}{\unicode[.8,0]{x212B}}\)
| Term | Definition |
| Churn rate | The annual percentage rate at which a business loses customers. |
| Customer | A person who buys or uses goods or services, with whom a company should develop a relationship. |
| Customercentric | Placing the customer at the centre of an organisation’s business planning and execution. |
| Customer lifetime value (CLV) | The profitability of a customer over their enti |
| Customer relationship management (CRM) | A strategy for managing a company’s relationships with current, potential and lapsed clients. It often makes use of technology to automate the sales, marketing, customer service and technical processes of an organisation. |
| Data mining | The process of analysing data to discover unknown patterns or connections. |
| Key performance indicator (KPI) | A metric that shows whether an objective is being achieved. |
| Lapsed | Someone who is no longer a customer |
| Model | A strategic visual representation of a process that a company adheres to. |
| Prospect | A potential customer |
| Segmentation | The practice of dividing customers into smaller sub-groups based on shared interests or characteristics. |
| Stakeholder | A person or organisation with an interest in how a resource is managed. |