module 5 Flashcards
- What is CRM?
, managing all an organization’s interactions with its customers
Customer loyalty:
the degree to which an individual will resist, from one offering to another.
CLV
customer lifetime value, life term relationships with customers
ROCI
return on customer investment, which customers deserve what levels of investment of various resources.
- Identify the four elements in the CRM Process Cycle?
Analysis and refinement
Knowledge discovery
Customer interaction
Marketing planning
Customer touchpoint
direct or indirect contact a customer has with a brand
Data warehouse
type of data management system that is designed to enable and support business intelligence activities
Data mining
process of finding anomalies, patterns and correlations within data sets to predict outcomes.
big data
ever increasing quantity and complexity of data that is continuously being produces by various technological sources.
What are 4 characteristics of Big Data?
Volume, velocity, variety and veracity.
structures
Stored in relational databases or other info system structures that have a well defined row and column structure.
Generally easier and less costly to store b/c its readily available structural characteristics.
Dara input into specific fields within a webfore, and created through specific transactions
unstructured
Stored in files with a limited degree of organization
Generally harder and more costly to analyze because its lack of readily available structure characteristics.
Ex: text and images within email messages, text, images, audio, video withink social media posts.
- What are the sources for Big Data?
Business systems, social media platforms, internet connected devices, apps, commercial entities, and government entities.
marketing analytics
Study of data to evaluate the performance of a marketing activity
How can information from descriptive analysis be helpful to companies?
Helps companies understand what has happened to date
