MKT-3050 Chapter Notes - Chapter 5: Data Mining, Cash Register, Business Intelligence
Document Summary
Chapter 5: marketing analytics: welcome to the era of big data. Allo(cid:449)s fi(cid:396)(cid:373)s to get (cid:862)up (cid:272)lose a(cid:374)d pe(cid:396)so(cid:374)al(cid:863) A process by which firms enact their customer orientation. Lecture notes: customer relationship management has been embraced by many successful firms. Customer relationship management, or crm as it usually called in conversation, is defined on this slide. Marketers know that one way to more finely segment consumers is to allo(cid:449) the(cid:373) to pe(cid:396)so(cid:374)alize p(cid:396)odu(cid:272)ts. That"s the idea (cid:271)ehi(cid:374)d this ad, a(cid:374)d o(cid:374)e of the (cid:396)easo(cid:374)s (cid:449)h(cid:455) (cid:373)a(cid:396)kete(cid:396)s (cid:448)alue crm. A s(cid:455)ste(cid:373)ati(cid:272) t(cid:396)a(cid:272)ki(cid:374)g of (cid:272)o(cid:374)su(cid:373)e(cid:396)s" preferences and behaviors over time in order to tailor the value proposition as closely as possible to each i(cid:374)di(cid:448)idual"s u(cid:374)i(cid:395)ue (cid:449)a(cid:374)ts a(cid:374)d (cid:374)eeds. Following the link above leads to the customer lifetime value tool, which is available from. This resource begins with an introduction and conceptual overview (which are a bit long for an in-class demo). However, instructors can skip straight to the sample.
