MRKT 451 Lecture Notes - Lecture 5: Customer Relationship Management, Database Marketing, Data Mining

• School: McGill University
• Department: Marketing
• Course: MRKT 451
• Professor: Myung- Soo Jo

Document Summary

Internal secondary data: are data that have been collected within the firm: ex: sales records, purchase requisitions, and invoices, database marketing: the process of building, maintaining, and using customer (internal) databases and other (internal) databases (products, suppliers, and resellers) to contact, transact, and build customer relationships, database: refers to a collection of data and information describing items of interest, record: each unit of information in a database. Kotler and keller describe five ways that companies use their databases: to identify prospects, to decide which customers should receive a particular offer, such as sending cross selling suggestion two weeks after a sale, to depend customer loyalty, by remembering customer preferences and sending appropriately customized materials reflecting those preferences, to reactivate customer purchases, such as automatically sending out a birthday card, to avoid serious customer mistakes, what companies do with information collected for their internal databases can present ethical problems.