Chapter 5

Question 1

Customer relationship management(CRM)

Answer 1

A systematic tracking of customers preferences and behaviors over time in order to tailor the value propositions as closely as possible to each individuals unique wants and needs.

Question 2

One-to-one marketing

Answer 2

Facilitated by CRM, ….allows for customization of some aspect of the goods or services that are offered to each customer.

Question 3

Touchpoint

Answer 3

Any point of direct interface between customers and a company (online, by phone, or in person)

Question 4

Share of customer

Answer 4

The percentage of an individuals customer’s purchase of a product that is a single brand

Question 5

Customer Equity

Answer 5

The financial value of a customer throughout the lifetime of the relationship.

Question 6

Big data

Answer 6

A popular term to describe the exponential growth of the data-both structured and unstructured-in massive amounts that are hard or impossible to process using traditional database techniques.

Question 7

Internet of things

Answer 7

Describes a system in which everyday objects are connected to the Internet and in turn are able to communicate information throughout an interconnected system,

Question 8

Web scraping

Answer 8

The process of using computer software to extract large amounts of data from websites.

Question 9

Sentiment analysis

Answer 9

The process of identifying a follower’s attitude toward a brand by assessing the context or emotion of her comments.

Question 10

Scanner data

Answer 10

Data derived from items that are scanned at the cash register when you check out with your loyalty card.

Question 11

Information overload

Answer 11

A state in which the marketer is buried in so much data that it becomes nearly paralyzing to decide which of the data provides useful information and which do not.

Question 12

Data mining

Answer 12

Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available

Question 13

Data warehouse

Answer 13

A system to store and process the data that results from data mining.

Question 14

Reality mining

Answer 14

The collection and analysis of machine-sensed environmental data pertaining to human social behavior with the goal of identifying predictable patterns of behavior.

Question 15

Data brokers

Answer 15

Companies that collect and sell personal information about consumers

Question 16

Structured data

Answer 16

Data that (1) is typically numeric or categorical; (2) can be organized and formatted in a way that is easy for computers to read, organize, and understand; and (3) can be inserted into a database in a seamless fashion.

Question 17

Unstructured data

Answer 17

Nonnumeric information that is typically formatted in a way that is meant for human eyes and not easily understood by computers.

Question 18

Data scientist

Answer 18

An individual who searches through multiple, disparate data sources in order to discover hidden insights that will provide a competitive advantage.

Question 19

Marketing analytics

Answer 19

A group of technologies and processes that enable marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts.

Question 20

cost-per-click

Answer 20

An online ad purchase in which the cost of the advertisement is charged only each time an individual clicks on the advertisement and is directed to the Web page that the marketers placed within the advertisement.

Question 21

Cost-per-impression

Answer 21

An online ad purchase in which the cost of the advertisement is charged each time the advertisement shows up on a page that the user views.

Question 22

Search engine optimization (SEO)

Answer 22

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.

Question 23

Predictive analytics

Answer 23

Uses large quantities of data within variables thathave identified relationships to more accurately predict specific future outcomes.

Question 24

Marketing metrics

Answer 24

Specific measures that help marketers watch the performance of their marketing campaigns, initiatives, and channels and, when appropriate, serves as a control mechanism.

Question 25

Marketing control

Answer 25

The ability to identify deviations in expected performance, both positive and negative, as soon as they occur.

Question 26

Click-through

Answer 26

A metric that indicates the percentage of website users who have decided to click on an advertisement in order to visit the website or Web page associated with it.

Question 27

Conversion

Answer 27

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.

Question 28

Cost-per-order

Answer 28

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.