Chapter 5 Flashcards
Customer relationship management(CRM)
A systematic tracking of customers preferences and behaviors over time in order to tailor the value propositions as closely as possible to each individuals unique wants and needs.
One-to-one marketing
Facilitated by CRM, ….allows for customization of some aspect of the goods or services that are offered to each customer.
Touchpoint
Any point of direct interface between customers and a company (online, by phone, or in person)
Share of customer
The percentage of an individuals customer’s purchase of a product that is a single brand
Customer Equity
The financial value of a customer throughout the lifetime of the relationship.
Big data
A popular term to describe the exponential growth of the data-both structured and unstructured-in massive amounts that are hard or impossible to process using traditional database techniques.
Internet of things
Describes a system in which everyday objects are connected to the Internet and in turn are able to communicate information throughout an interconnected system,
Web scraping
The process of using computer software to extract large amounts of data from websites.
Sentiment analysis
The process of identifying a follower’s attitude toward a brand by assessing the context or emotion of her comments.
Scanner data
Data derived from items that are scanned at the cash register when you check out with your loyalty card.
Information overload
A state in which the marketer is buried in so much data that it becomes nearly paralyzing to decide which of the data provides useful information and which do not.
Data mining
Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available
Data warehouse
A system to store and process the data that results from data mining.
Reality mining
The collection and analysis of machine-sensed environmental data pertaining to human social behavior with the goal of identifying predictable patterns of behavior.
Data brokers
Companies that collect and sell personal information about consumers
Structured data
Data that (1) is typically numeric or categorical; (2) can be organized and formatted in a way that is easy for computers to read, organize, and understand; and (3) can be inserted into a database in a seamless fashion.
Unstructured data
Nonnumeric information that is typically formatted in a way that is meant for human eyes and not easily understood by computers.
Data scientist
An individual who searches through multiple, disparate data sources in order to discover hidden insights that will provide a competitive advantage.
Marketing analytics
A group of technologies and processes that enable marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts.
cost-per-click
An online ad purchase in which the cost of the advertisement is charged only each time an individual clicks on the advertisement and is directed to the Web page that the marketers placed within the advertisement.
Cost-per-impression
An online ad purchase in which the cost of the advertisement is charged each time the advertisement shows up on a page that the user views.
Search engine optimization (SEO)
A systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business.
Predictive analytics
Uses large quantities of data within variables thathave identified relationships to more accurately predict specific future outcomes.
Marketing metrics
Specific measures that help marketers watch the performance of their marketing campaigns, initiatives, and channels and, when appropriate, serves as a control mechanism.
Marketing control
The ability to identify deviations in expected performance, both positive and negative, as soon as they occur.
Click-through
A metric that indicates the percentage of website users who have decided to click on an advertisement in order to visit the website or Web page associated with it.
Conversion
Signifies an event that occurs on a Web page that indicates the meeting of a predefined goal associated with the consumer’s interaction with that page.
Cost-per-order
The cost of gaining an order in terms of the marketing investment made to turn a website visitor into a customer who has chosen to make a transaction.
