Marketing Strategy-definitions only-Chapter 5-4th edition

firing a customer

The proliferation of ROCI analysis has raised the prospects of _____ _ _____ who exhibits a low predicted lifetime value, instead investing resources in other more profitable customers.

customer value co-creation

Ultimately, in today's marketplace, customers and providers combine forces to co-create offerings of value, which is called ______ _____ __-______.

Customer relationship management (CRM)

We've mentioned CRM briefly in earlier chapters of this book. But what exactly is CRM? ______ _______ ______ is a comprehensive business model for increasing revenues and profits by focusing on customers.

data warehouse

A ____ ________ environment is the optional approach to handling all customer data generated through touchpoints and transforming those data into useful information for marketing management decision-making and marketing planning.

attribution

A key consideration that arises when assessing the impact of the marketing mix is ______, which can be thought of as determining how to give appropriate credit to different elements of the marketing mix through the measurement of their effects.

sentiment analysis

Advances in marketing analytics have made it more feasible to maximize the value of unstructured data using methods such as _______ _____, a type of analytic method that identifies the general attitude (for example, positive, negative, or neutral) contained within a message through an analysis of its content.

diagnostic analytics

An approach using _____ ____ utilizes data to explore the relationships between different marketing-relevant factors that influence the organization's performance either directly or indirectly.

predictive analytics

An approach using ______ _____ utilizes data to make predictions about future marketing outcomes of interest.

prescriptive analytics

An approach using ______ ______ involves determining the optimal level of marketing-relevant factors for a specific context by considering how adjusting their levels in varying ways will impact different marketing outcomes.

descriptive analytics

An approach using ______ ______ utilizes data to provide summary insights.

customer empowerment

Another critical customer success-related concept is ______ ______ which reflects the extent to which a firm consistently provides its customers various avenues to (a) connect with the firm and actively shape the nature of their encounters and (b) connect and collaborate with each other.

customer touchpoints

At their essence, ______ ______, is where the selling firm touches the customer in some way, thus allowing for information about him or her to be collected

database marketing

Direct marketing involves utilizing the data generated through this phase to develop "hit lists" of customer prospects, who are then contacted individually by various means of marketing communication. This activity is often referred to as ________ ________.

organizational learning

Finally, the analysis and refinement phase of the CRM process is where _________ _______ occurs based on customer response to the implemented strategies and programs.

marketing analyst

Generally, greater levels of complexity come with a higher cost in the form of the level of expertise and effort required on the part of the ______ _____, an individual familiar with different forms of market and customer data and who is trained to conduct different market analyses, as well as the computational costs associated with those analyses.

return on customer investment (ROCI)

It is possible to actually calculate an estimate of the projected financial returns from a customer, or _____ __ ______ ______, over the long run.

customer lifetime value (CLV)

One of the most important metrics in CRM is that of the _____ ____ ____.

customer mind-set

One way to think about how an organization member might exhibit a customer orientation is through a _______-____ ___.

semi-structured data

fits between structured and unstructured data in the sense that it contains some elements of structure that make it easier for machines to understand its organization, but still contains parts that do not possess an appropriate level of structure to make them readily analyzable by automated means of knowledge creation.

influencers

in social media are individuals who have built a reputation for their knowledge and expertise on a specific topic.

marketing analytics

include a set of methods facilitated by technology that utilize individual-level and market-level data to identify and communicate meaningful patterns within the data for the purpose of improving marketing-related decisions.

data mining

is a sophisticated analytical approach to using the massive amounts of data accumulated through the CRM system to develop segments and micro-segments of customers for purposes of either market research or the development of market segmentation and target marketing strategies.

content filtering

is an analytic 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 demonstrated a preference for in the past, or is currently considering.

Formalization

means that structure, processes and tools, and managerial knowledge and commitment are formally established in support of the culture.

customer loyalty

means the degree to which an individual will resist switching, or defecting, from one offering to another.

customer satisfaction

means the level of liking an individual harbors for an offering-that is, to what level is the offering meeting or exceeding the customer's expectations?

collaborative filtering

predicts a customer's preferences for products or services based on the observed preferences of customers who are perceived to be similar.

structured data

refers to data that is generated in such a way that a logical organization is imposed on it during its generation, thus enabling it to be more readily analyzable for knowledge creation.

unstructured data

refers to data that is generated in such a way that it does not possess a specific organizational structure that renders it readily analyzable for knowledge creation.

big data

refers to the ever-increasing quantity and complexity of data that is continuously being produced by various technological sources.

marketing dashboard

which is a comprehensive system providing managers with up-to-the-minute information necessary to run their operation including data on the actual sales versus forecast, progress on marketing plan objectives, and distribution channel effectiveness.

influencer marketing

which is a form of social media marketing involving endorsements and product placement from influencers, people, and organizations who have a purported expert level of knowledge or social influence in their field.