Chapter 5 Terms Flashcards
Customer Relationship Management
A systematic tracking of consumers’ preferences and behaviors over time to tailor the value proposition as closely as possible to each individual’s unique wants and needs
Mar-Tech
Short for “marketing technology,” this term is commonly used to denote the fusion of marketing and technology. A particular focus is placed on the application of marketing through digital technologies
Touchpoint
Any point of direct interface between customers and a company (online, by phone, or in person)
Marketing Automation
A group of systems and technologies that can be used to establish a set of rules for handling different marketing related processes in an automated fashion
Share of Customer
The percentage of an individual customer’s purchase of a product that is a single brand
Lifetime Value of the Customer
The potential profit a single customer’s purchase of a firm’s products generates over the customer’s lifetime
Big Data
A popular term to describe the exponential growth of 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
Scanner Data
Data derived from items that are scanned at the cash register when you check out with your loyalty card
Channel Partner Model
A relationship between channel partners in which a two-way exchange of information between purchasing organizations and their respective vendors is facilitated through shared or integrated IT systems
Data Mining
Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available.
Structured Data
Data that (1) are 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
Marketing Analytics
A group of technologies and processes that enable marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts.
Digital Marketing Channels
The paths of distribution through which a company’s digital marketing communications can be delivered to reach their respective audiences
