Marketing Management Chapter 5

customer-centric culture includes, but is not limited to, the following major components

- adopting a relationship or partnership business model overall, with mutually shared rewards and risk management - redefining the selling role within the firm to focus on customer business consultation solutions - increasing formalization of customer analysis processes - taking a proactive leadership role in educating customers about value chain opportunities available by developing a business relationship -focusing on continuous improvement principles stressing customer satisfaction and loyalty

what are the benefits of a marketing dashboard

-aligns marketing objectives, financial objectives, and firm strategy based on the selected dashboard metrics - enhances alignment within the marketing function and also clarifies marketing's relationships with other organizational functions - portrays data in a user-friendly manner -fosters a learning organization that values fact-based, logical decision making about allocation of marketing resources to achieve desired organizational results -creates organizational transparency about marketing goals, operation and performance

determining how to give appropriate credit to different elements of the marketing mix through the measurement of their effects

attribution

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

big data

what are the 6 key sources for big data

business systems social media platforms internet-connected devices mobile apps commercial entities government agencies

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

collaborative filtering

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

content filtering

what are the 3 different types of recommendation systems

content filtering collaborative filtering hybrid methods

acquisition of the right customer based on known or learned characteristics that will drive growth and increase margins

customer acquisition

what are the 3 major objectives of CRM

customer acquisition customer retention customer profitability

the actual implementation of the customer strategies and programs includes personal selling effort, as well as other customer-directed interactions

customer interaction

reliable customer relationships pay handsomely in terms of cost savings, revenue growth, profits, referrals, and other important business success factors

customer lifetime value

what is one of the most important metrics in CRM

customer lifetime value

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

customer loyalty

a person's belief that understanding and satisfying customers, whether internal or external to the organization, is central to the proper execution of his or her job

customer mind-set

increased individual customer margins, while offering the right products at the same time

customer profitability

a comprehensive business model for increasing revenues and profits by focusing on customers

customer relationship management (CRM)

retention of satisfied and loyal profitable customers and channels, and thus growing the business profitably over the long run

customer retention

the level of liking an individual harbors for an offering; to what level is the offering meeting or exceeding the customer's expectations

customer satisfaction

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

customer touch points

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 development of market segmentation and target marketing strategies

data mining

a marketing analytics approach that utilizes data to provide summary insights data in raw form is transformed into measures that provide insight into the past and hopefully a basis for further explorations of the data sums, averages, or measures of changes in variables of interest information is presented as histograms, scatter plots, or pie charts

descriptive analytics

a marketing analytics approach that utilizes data to explore the relationships between different marketing-relevant factors that influence the organization's performance either directly or indirectly provide insights into relationships of different factors with the implication being that an understanding of their relationships can have value for future marketing decisions

diagnostic analytics

what are the 2 primary goals of any dashboard?

diagnostic insight predictive foresight

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

formalization

the process of analyzing the customer information acquired through various customer touch points

knowledge discovery

what is the CRM process divided into?

knowledge discovery marketing planning customer interaction analysis and refinement

includes 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

marketing analytics

a comprehensive system providing managers with up-to-the minute

marketing dashboard

based on customer response to the implemented strategies and programs

organizational learning

a marketing analytics approach that utilizes data to make predictions about future marketing outcomes of interest

predictive analytics

a marketing analytics approach that 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

prescriptive analytics

an estimate of the projected financial returns from a customer

return on customer investment

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 for knowledge creation

semi-structured data

type of analytic method that identifies the general attitude (positive negative or neutral) contained within a message through an analysis of its content

sentiment analysis

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

structured data

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

unstructured data

how does CRM benefit the marketing planning process

useful in developing elements of the marketing mix strategies, including employing the marketing communication mix in integrated ways to customize approaches to different customer groups

the different types of data, text, video, images, and audio

variety

the frequency at which data is generated over time and the speed at which it can and should be analyzed and used

velocity

the reliability and validity of the data

veracity

relates to the amount of data produced

volume

what are the 4 characteristics of big data? (4 v's)

volume velocity variety veracity