Chapter 5: CRM, Big Data, and Marketing Analytics

Investment decisions in marketing consider what 4 basic elements?

1. Level of investment 2. Returns 3. Risks 4. Hurdle rates

What is a marketing analyst?

A highly skilled expert who may be required for complex data

What is marketing analytics?

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

What is sentiment analysis?

Allows better understanding of unstructured data for the general attitude contained in a message

What are the types of marketing analytics?

Descriptive, Diagnostic, Predictive, and Prescriptive

What are the goals of a marketing dashboard?

Diagnostic insight and predictive foresight

What are prescriptive analytics?

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

What is content filtering?

Looks at a customer's past preferences to make new recommendations

What is collaborative filtering?

Looks at similar customers and their preferences to make recommendations

What is attribution?

Pertains to how to give credit to different elements of the marketing mix

What is increased personalization?

The ability to provide products, services, and customer experiences based on an understanding the characteristics of different customers and of what they value

What are diagnostic analytics?

Uses data to explore relationships between different marketing factors that influence the firm's performance

What are descriptive analytics?

Uses data to provide summary insights

What are predictive analytics?

Utilizes data to make predictions about future marketing outcomes of interest