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A Customer Advisory Council (also referred to as a Customer Advisory Board or CAB) is a form of market research whereby a group of existing customers is convened on a regular basis to advise company management on industry trends, business priorities, and strategic direction. [1] The CAB differs from traditional focus groups in the following ways:
The customer base is a group of customers who repeatedly purchase the goods or services of a business.These customers are a main source of revenue for a company. The customer base may be considered a business's target market, where customer behaviors are well understood through market research or past experience.
A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
A customer may or may not also be a consumer, but the two notions are distinct. [8] [1] A customer purchases goods; a consumer uses them. [9] [10] An ultimate customer may be a consumer as well, but just as equally may have purchased items for someone else to consume. An intermediate customer is not a consumer at all.
A customer profile is a detailed description of any particular classification of customer which is created to represent the typical users of a product or service. Customer profiling is a method to understand your customers in terms of demographics, behaviour and lifestyle.
A consumer is a person or a group who intends to order, or use purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use.
In marketing, customer migration refers to the shifting of customers from one segment to the other. A Customer Segment or a group of individuals is formed that allows the company to identify and reach out to customers (current or potential) with similar needs and expectations from the product or service.