7.2 Data and technology uses in sales and marketing & Operations

Question 1

Marketing is the

Answer 1

management process that identifies, anticipates and supplies customer needs efficiently and profitably

Question 2

Data use in marketing and sales

Answer 2

• Big data and the use of smart tech, which collects relevant data, summarises it and presents key findings, are driving changes in how bus choose what to sell, price to charge, when to sell and when to discount
• the use of data is providing real fact based insight into customers and competitors actions

Question 3

Data use in pricing:

Answer 3

• pricing is a critical decision, if too low the bus misses out on potential revenue and if too high sales volumes will be low
• live market data allows a bus to compare and benchmark prices and rate of sales across an entire industry
• this can help set the right price point

Question 4

Data use in products:

Answer 4

• Retailers test the market and constantly monitor what products and trends are selling
• Short lead times allow products to be sourced almost immediately

Question 5

Data use in segmentation:

Answer 5

• Analysis of buying patterns and social media trends can refine and identify new market segments by grouping similar data points
• This can enable more targeted marketing

Question 6

Data use in promotions:

Answer 6

• Data from past product launches and company promotions and the subsequent sales performance for an entire industry can give insight into what promotions work best and when

Question 7

Data use and customer relationship management:

Answer 7

• data on customers provides a profile, along with their past buying trends, can make advertising more personalised to their specific wants

Question 8

Data use and targeting:

Answer 8

• by analysing market and product trends in the industry a bus can push specific items and incorporate in their advertising to specific customers

Question 9

Data and technology are also playing a major role in

Answer 9

• changing and improving internal operations and processes which can lead to benefits:
  
  • Cost saving
  • Improved service
  • Supply chain
  • Preventative maintenance
  • Forecasting

Question 10

Cost saving:

Answer 10

insights gained from use of technology can lead to significant cost savings by alleviating bottlenecks, reducing waste and downtime

Question 11

Improved service:

Answer 11

• operational improvements and live data in operational processes can lead to significant service improvement and information availability to customers
• eg: live tracking of deliveries

Question 12

Supply chain:

Answer 12

• big data is allowing increasingly complex supply chain networks through knowledge sharing and collaboration
• data sharing allows customers and suppliers to collaborate to modify components or end products in the most cost effective manner

Question 13

Preventative maintenance:

Answer 13

• using an internet of things approach, embedded sensors and connectivity of machines continually monitors performance
• any deviations gives early warning of potential problems and preventative maintenance can be scheduled at a convenient time before asset breaks down

Question 14

Forecasting:

Answer 14

• use of big data analytics can help map the behaviour of customers
• sophisticated forecasting and predictive modelling techniques can be used to schedule production processes for efficient utilisation and order fulfilment