PRECISION MARKETING AS FACTOR FOR ATTRACTING, RETAINING AND LEVERAGING PROFITABLE CUSTOMERS

Snezana Obednikovska and Karolina Ilieska
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Snezana Obednikovska: UNIVERSITY ST KLIMENTOHRIDSKI- BITOLA, FACULTY OF ECONOMY- PRILEP
Karolina Ilieska: UNIVERSITY ST KLIMENTOHRIDSKI- BITOLA, FACULTY OF ECONOMY- PRILEP

Annals - Economy Series, 2016, vol. 2, 93-97

Abstract: The basic function of marketing is communication between company and consumers. Seen from the scope of the company, customers can be divided as profitable and one with negative value. Profitable consumers are of particular interest for the companies and all marketing activities are made to keep them and turn them into loyal customers. The release of customers who have a negative value for the company is never a fun business for management. On the contrary, it even may look like breaking the rules of social ethics that are pointed toward the relationship between the company and the consumers. The economic value of the company tells us that replacement of the resources from consumers with negative value for the company to the consumers that have positive value for the company is required. In such case, there is a need for learning and improving the concept of marketing that is understood as a tool for communication between company and market. Precision marketing is a concept that may help inpromotingthe collective thinking and understanding of the criteria used for segmenting and targeting, with the bottom line better to serve customers that will result in increasing the profit and profitability as a whole. The main purpose of precision marketing is to understand customers as a core value for the marketing, especially because nowadays there are much more products that customers on the market.

Keywords: precision marketing; segmentation; targeting; life value of the customer (search for similar items in EconPapers)
Date: 2016
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