Mktg Ch.5
return on customer investment (ROCI)
A calculation that estimates the projected financial returns from a customer. It is a useful strategic tool for deciding which customers deserve what levels of investment of various resources.
data warehouse
A compilation of customer data generated through touchpoints that can be transformed into useful information for marketing management decision making and marketing planning.
customer relationship management (CRM)
A comprehensive business model for increasing revenues and profits by focusing on customers.
marketing dashboard
A comprehensive system of metrics and information uniquely relevant to the role of the marketing manager in a particular organization. Dashboards provide managers with up-to-the-minute information necessary to run their operation.
customer loyalty
A customer's commitment to a company and its products and brands for the long run.
influencer marketing
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.
attribution
A key factor in assessing the impact of the marketing mix; attribution can be thought of as determining how to give appropriate credit to different elements of the marketing mix through the measurement of their effects.
data mining
A sophisticated analytical approach to using the massive amounts of data accumulated through a firm's CRM system to develop segments and microsegments of customers either for purposes of market research or development of market segmentation strategies.
sentiment analysis
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.
content 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.
________Blank refers to the ever-increasing quantity and complexity of data that is continuously being produced by various technological sources.
Big Data
structured data
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. It is typically either numeric or text that is substantially limited to a certain set of input values.
unstructured 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.
prescriptive analytics
Data used to determine 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.
diagnostic analytics
Data utilized to explore the relationships between different marketing-relevant factors that influence the organization's performance either directly or indirectly.
predictive analytics
Data utilized to make predictions about future marketing outcomes of interest.
database marketing
Direct marketing involving the utilization of the data generated through CRM practices to create lists of customer prospects who are then contacted individually by various means of marketing communication.
collaborative filtering
Predicts a customer's preferences for products or services based on the observed preferences of customers who are perceived to be similar.
descriptive analytics
Summary analytics of raw data, typically in a visual format, as a first step before considering more complex and costly analyses.
organizational learning
The analysis and refinement phase of the CRM process that is based on customer response to the firm's implementation strategies and programs.
Big Data
The ever-increasing quantity and complexity of data that is continuously being produced by various technological sources. Characterized by four components: volume, velocity, variety, veracity.
formalization
The formal establishment of a firm's structure, processes and tools, and managerial knowledge and commitment to support its culture.
customer satisfaction
The level of liking an individual harbors for an offering.
marketing analytics
The practice of measuring, managing, and analyzing marketing performance to maximize marketing effectiveness and optimize return on marketing investment (ROMI).
customer touchpoints
Where the selling firm touches the customer in some way, thus allowing for information about him or her to be collected.
What is one of the four elements of the process cycle for customer relationship management?
customer interaction
Which major objective of customer relationship management relates to increased individual customer margins, while offering the right products at the right time?
customer profitability
Hideki is a marketing manager at a consumer products company. Hideki's company has started selling consumer information to other sources without informing its customers that it is doing so. This is referred to as the ________Blank of CRM.
dark side
Which element is least likely to be a factor when making investment decisions in marketing?
human resources
customer mind
set- An individual'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.
semi
structured data -Data that contains elements of both structured and unstructured data. Semi-structured data contains some elements that can be viably organized by machines but also elements that are not structured enough for automated analysis.
Customer loyalty is defined as
the degree to which an individual will resist switching from one offering to another.
After staying in a boutique hotel in Chicago, Marta posted a picture on the hotel's Instagram page and described how fabulous it was. This kind of information is considered ________Blank data.
unstructured
Thea was so upset about how she was treated when she went on the Eiffel Tower tour that she recorded a video rant and posted it on YouTube. This is an example of ________Blank data.
unstructured
A CFO wasn't sure about the benefit of using Big Data, and she couldn't justify the expense for collecting and storing it. In this case, she was concerned about the ________Blank of Big Data.
value
The fifth V that characterizes Big Data is ________Blank, without which there is limited justification for its expense.
value
marketing analyst
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.
firing a customer
The shifting of investment of resources from less attractive customers to more profitable ones.
customer lifetime value (CLV)
The total value (including revenue earned) generated for a firm through building a life-long relationship with a customer.
customer value co
creation- In today's marketplace, customers and providers combine forces to co-create offerings of value.
Redefining the selling role within the firm to focus on customer business consultation and solutions is one way that CRM
facilitates a customer-centric culture.
A dashboard creates transparency in marketing's goals, operations, and performance. This, in turn,
increases marketing's perceived credibility and trust by others.
Kanye likes the new marketing dashboard because it helps him make fact-based, logical decisions about allocation of marketing resources to achieve desired organizational results. Because Kanye's company encourages this, his company could be described as a(n) ________Blank organization.
learning
An approach using ________Blank analytics utilizes data from diagnostic analytics to forecast future marketing outcomes.
predictive
Two primary goals of any dashboard are diagnostic insight and
predictive foresight.
customer experience management
An organization-wide strategic focus on ensuring that all aspects of a customer's encounters with the firm meet or exceed their expectations.
Influencer
In the context of social media, influencers are individuals who have built a reputation for their knowledge and expertise on a specific topic. They make regular posts about that topic on their preferred social media channels and generate large followings of enthusiastic, engaged people who pay close attention to their views.
customer empowerment
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.
The use of ________Blank at an early stage in a customer's exploration of an e-commerce website can provide insight into the state of their intentions.
clickstream data
An approach using ________Blank 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.
prescriptive
One of the problems with ROMI is that it often focuses on ________Blank rather than looking at the effects or changes in brand equity.
short-term incremental profits and expenditures
Fernando has a sales meeting coming up and he needs to know sales figures by product and by region as quickly as possible so he can direct his managers on their presentations. Fernando needs the ________Blank characteristic of Big Data.
velocity
________Blank is an analytic method that predicts a customer's preferences for products or services based on the observed preferences of customers who are perceived to be similar.
Collaborative filtering
