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
- How can diagnostic analytics be utilized by companies?
Enables companies to make more informed decisions about how to remediate problems and drive continued success.
- How can Predictive analytics be utilized by companies?
Collecting data to make a prediction
What are Prescriptive analytics?
Involves using data to determine the optimal course of action
Sentiment analysis
analytics method that identifies the general attitude contained within a message through an analysis of its content;
Attribution
determining how to give appropriate credit to different elements of the marketing mix through the measurement of their effects
Content filtering
analytics method that identifies which products or services to recommend based on a determination of how similar a product or service seems to be to those that the customer has preferred for in the past or currently considering
Collaborative filtering
predicts customers preferences for products or services based on the observed preferences of customers who are similar.
marketing dashboard
Comprehensive system providing managers with up to the minute info necessary to run their operation including data on actual sales vs forecast, progress on marketing plan objectives, distribution channel effectiveness, sales force productivity, brand equity evolution, and whatever metrics etc.
What are the potential drawbacks of Marketing Dashboards?
Overcrowding
Too much detail
Using the wrong visuals
- What is Return on Marketing Investment (ROMI)?
A tool to help yield more out of marketing
