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Marketing Chapter 5

Ch.5 Vocab

TermDefinition
Customer Relationship Management (CRM) a systematic tracking of consumer’s preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individual’s unique wants and needs.
One to one Marketing facilitated by CRM, it allows for customization of some aspect of the goods or services that are offered to each customer:
Touchpoint any point of direct interface between customers and a company (online, by phone, or in person).
Share of Customer the percentage of an individual customer's purchase of a product that is a single brand.
Lifetime Value of a Customer More profitable to retain an existing customer than acquire a new one.
Customer Equity the financial value of a customer throughout the lifetime of the relationship. They compare the investments they make acquiring customers to the financial return they'll get on those investments
Customer Priortization Helps banks identify which customers to target with certain communications
Big Data the exponential growth of data, both structured and unstructured, in massive amounts that are hard or impossible to process using traditional database techniques.
Internet of Things system in which everyday objects are connected to the internet and in turn are able to communicate information throughout an interconnected system
Direct Path You shop for a car online, submit a request for info, the info is stored in the car dealers database, and the salesperson pulls it up later when she contacts you about the car.
Indirect Path data creation can be a byproduct of another action. A company may know consumers who purchase green detergent products, are democrats, and have a college degree are more likely to purchase a hybrid vehicle. She did not request info but might receive it.
Web Scraping the process of using computer software to extract large amounts of data from websites.
Sentimental Analysis the process of identifying a follower's attitude toward a brand of assessing the context or emotion of her comments
Scanner Data data derived from items that are scanned at the cash register when you check out with your loyalty card
Information Overload a state in which the marketer is buried in so much data that it becomes nearly paralyzing to decide which of the data provide useful information and which do not.
Data Mining sophisticated analysis techniques to take advantage of the massive amount of transaction information now available.
Data Warehouse a system to store and process the data that result from data mining
Reality Mining the collection and analysis of machine sensed environmental data pertaining to human social behavior with the goal of identifying predictable patterns of behavior
Data Broker companies that collect and sell personal information about consumers
Structured Data data that are (1) typically numeric/categorical, (2) can be organized in a way that is easy for computers to read, organize and understand, (3) can be inserted into a database in a seamless fashion. • Date, Time ,Census Data, Facebook Likes
Unstructured Data contains non-numeric information that is typically formatted in a way that is meant for human eyes and not easily understood by computers. • Body of emails • Tweets • Facebook Status Update Messages • Video Transcripts
Data Scientist an individual who searches through multiple, disparate data sources in order to discover hidden insights that will provide a competitive advantage
Customer Aquisition firms include demographics about customers in their database. (ex: supermarkets offer weekly price discounts for store members).
Customer Retention/Loyalty firm identifies big spending customers and targets them for special offers other customers won't receive.
Customer Abandonment firing a customer (ex: department store may use data mining to identify unprofitable customers)
Market Basket Analytics develops focused promotional strategies based on records of which customers bought certain products.
Marketing Analytics a group of technologies and processes that enable marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts
Cost Per Click online ad purchase in which the cost of the ad is charged only each time an individual clicks on the ad and is directed to the web page that the marketer placed within the ad.
Cost Per Impression an online ad purchase in which the cost of the ad is charged each time the ad shows up on a page that the user views
Search Engine Optimization a systematic process of ensuring that your firm comes up at or near the top of lists of typical search phrases related to your business.
Predictive Analytics uses large quantities of data within variables that have identified relations to more accurately predict specific future outcomes.
Marketing Metrics specific measures that help marketers watch the performance of their marketing campaigns, initiatives, and channels and when appropriate serve as a control mechanism.
Marketing Control the ability to identify deviations in expected performance, both positive and negative, as soon as they occur.
Click Through a metric that indicates the percentage of website users who have decided to click on an ad in order to visit the website associated with it.
Conversion signifies an event that occurs on a web page that indicates the meeting of a predefined goal associated with the consumer's interaction with that page
Cost Per Order the cost of gaining an order in terms of the marketing investment made to turn a website visitor into a customer who has chosen to make a transaction.
Created by: acorso3
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