|
Churn Rate
Churn rate (also known as attrition rate, turnover, customer turnover, or customer defection) is a measure of the proportion of individuals or items moving out of a group over a specific period. It is one of two primary factors that determine the steady-state level of customers a business will support. Churn is widely applied in business for contractual customer bases. Examples include a subscriber-based service model as used by mobile telephone networks and pay TV operators. Churn rate can also be the input into customer lifetime value modeling and used to measure return on marketing investment with marketing mix modeling. The term comes from the image of agitation of cream in a butter churn. Calculation Churn rate is calculated by dividing the total number of individuals, customers, or items lost during a period divided by total number of individuals during the same period. \text=\frac*100 = \frac * 100 For example, if your company lost 50 customers in month, while having ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steady State
In systems theory, a system or a process is in a steady state if the variables (called state variables) which define the behavior of the system or the process are unchanging in time. In continuous time, this means that for those properties ''p'' of the system, the partial derivative with respect to time is zero and remains so: : \frac = 0 \quad \text t. In discrete time, it means that the first difference of each property is zero and remains so: : p_t-p_=0 \quad \text t. The concept of a steady state has relevance in many fields, in particular thermodynamics, economics, and engineering. If a system is in a steady state, then the recently observed behavior of the system will continue into the future. In stochastic systems, the probabilities that various states will be repeated will remain constant. For example, see ' for the derivation of the steady state. In many systems, a steady state is not achieved until some time after the system is started or initiated. This initial sit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Terms
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from sole proprietors and partnerships. Corporations are separate and unique legal entities from their shareholders; as such they provide limited liability for their owners and members. Cor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Wiley & Sons
John Wiley & Sons, Inc., commonly known as Wiley (), is an American Multinational corporation, multinational Publishing, publishing company that focuses on academic publishing and instructional materials. The company was founded in 1807 and produces books, Academic journal, journals, and encyclopedias, in print and electronically, as well as online products and services, training materials, and educational materials for undergraduate, graduate, and continuing education students. History The company was established in 1807 when Charles Wiley opened a print shop in Manhattan. The company was the publisher of 19th century American literary figures like James Fenimore Cooper, Washington Irving, Herman Melville, and Edgar Allan Poe, as well as of legal, religious, and other non-fiction titles. The firm took its current name in 1865. Wiley later shifted its focus to scientific, Technology, technical, and engineering subject areas, abandoning its literary interests. Wiley's son Joh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Retention
Customer retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations generally attempt to reduce customer defections. Customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship and successful retention efforts take this entire lifecycle into account. A company's ability to attract and retain new customers is related not only to its product or services, but also to the way it services its existing customers, the value the customers actually perceive as a result of utilizing the solutions, and the reputation it creates within and across the marketplace. Successful customer retention involves more than giving the customer what they expect. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Attrition
Customer attrition, also known as customer churn, customer turnover, or customer defection, is the loss of clients or customers. Companies often use customer attrition analysis and customer attrition rates as one of their key business metrics (along with cash flow, EBITDA, etc.) because the cost of retaining an existing customer is far less than the cost of acquiring a new one. Examples include banks, telephone service companies, internet service providers, pay TV companies, insurance firms, and alarm monitoring services. Companies from these sectors often have customer service branches which attempt to win back defecting clients, because recovered long-term customers can be worth much more to a company than newly recruited clients. Companies usually make a distinction between voluntary churn and involuntary churn. Voluntary churn occurs due to a decision by the customer to switch to another company or service provider, involuntary churn occurs due to circumstances such as a cust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnover (employment)
In human resources, turnover refers to the employees who leave an organization. The ''turnover rate'' is the percentage of the total workforce that leave over a given period. Organizations and industries typically measure turnover for a fiscal or calendar year. Reasons for leaving include termination (that is, involuntary turnover), retirement, death, transfers to other sections of the organization, and resignations.Trip, R. (n.d.). Turnover – State of Oklahoma Website. Retrieved from http://www.ok.gov/opm/documents/Employee%20Turnover%20Presentation.ppt External factors—such as financial pressures, work-family balance, or economic crises—may also contribute. Turnover rates may vary over time and across industries. If an employer has a higher turnover rate than its competitors, employees there generally have shorter average tenure than those in other companies within the same industry. High turnover can be particularly harmful to a company's productivity when skilled ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Machine Learning
Machine learning (ML) is a field of study in artificial intelligence concerned with the development and study of Computational statistics, statistical algorithms that can learn from data and generalise to unseen data, and thus perform Task (computing), tasks without explicit Machine code, instructions. Within a subdiscipline in machine learning, advances in the field of deep learning have allowed Neural network (machine learning), neural networks, a class of statistical algorithms, to surpass many previous machine learning approaches in performance. ML finds application in many fields, including natural language processing, computer vision, speech recognition, email filtering, agriculture, and medicine. The application of ML to business problems is known as predictive analytics. Statistics and mathematical optimisation (mathematical programming) methods comprise the foundations of machine learning. Data mining is a related field of study, focusing on exploratory data analysi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Network Analysis
Social network analysis (SNA) is the process of investigating social structures through the use of networks and graph theory. It characterizes networked structures in terms of ''nodes'' (individual actors, people, or things within the network) and the ''ties'', ''edges'', or ''links'' (relationships or interactions) that connect them. Examples of social structures commonly visualized through social network analysis include social media networks, meme proliferation, information circulation, friendship and acquaintance networks, business networks, knowledge networks, difficult working relationships, collaboration graphs, kinship, disease transmission, and sexual relationships. These networks are often visualized through '' sociograms'' in which nodes are represented as points and ties are represented as lines. These visualizations provide a means of qualitatively assessing networks by varying the visual representation of their nodes and edges to reflect attributes of inter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistical Analyses
Statistics (from German: ', "description of a state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of data. In applying statistics to a scientific, industrial, or social problem, it is conventional to begin with a statistical population or a statistical model to be studied. Populations can be diverse groups of people or objects such as "all people living in a country" or "every atom composing a crystal". Statistics deals with every aspect of data, including the planning of data collection in terms of the design of surveys and experiments. When census data (comprising every member of the target population) cannot be collected, statisticians collect data by developing specific experiment designs and survey samples. Representative sampling assures that inferences and conclusions can reasonably extend from the sample to the population as a whole. An experimental study involves taking measurements of the syst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Media Companies
A digital media service (DMS) is an online service provider that sells access to digital library of content such as films, software, games, images, literature, etc. While no transfer of property is made, a nearly perfect duplicate of the data (song movie, etc.) is made on a customer's computer. Content is either primarily hosted on a dedicated server, which is owned by the service provider, or it is hosted primarily on the hard drives of its customers using a P2P protocol with, perhaps, a dedicated server to supplement. History One example of the older business model is the iTunes Store, which still markets and prices data as individual retail products. There are no examples of the latter business model in operation yet, but one is currently in development by Global Gaming Factory X and expected to begin operation some time after they acquire The Pirate Bay domain on August 27, 2009. A key difference between the two models is that the model which relies on its customer base for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subscription Business Model
The subscription business model is a business model in which a customer must pay a recurring price at regular intervals for access to a product or service. The model was pioneered by publishers of books and periodicals in the 17th century. It is particularly common now for digital products, which lend themselves more naturally toward a subscription model. Subscriptions can be a more convenient, hassle-free transaction for consumers. However, due to inertia among some consumers, they may inadvertently pay for subscriptions that they no longer value because they do not realize that they are subscribed. Subscriptions Rather than selling products individually, a subscription offers periodic (daily, weekly, bi-weekly, monthly, semi-annual, yearly/annual, or seasonal) use or access to a product or service, or, in the case of performance-oriented organizations such as opera companies, tickets to the entire run of some set number of (e.g., five to fifteen) scheduled performances fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
