Chapter 5 Flashcards Preview

Mgmt 105 > Chapter 5 > Flashcards

Flashcards in Chapter 5 Deck (32):
1

customer relationship management (CRM)

systematic tracking of consumers' preferences and behaviors over time to tailor the value proposition as closely as possible to each individual's unique wants and needs

2

mar-tech

short for "marketing technology"; particular focus is placed on the application of marketing through digital technologies

3

one-to-one marketing

facilitated by CRM, 1-to-1 allows for customization of some aspect of the goods or services that are offered to each customer

4

touchpoint

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

5

marketing automation

group of systems and technologies that can be used to establish a set of rules for handling different marketing related processes in an automated fashion

6

share of customer

percentage of an individual customer's purchase of a product that is a single brand

7

Big Data

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

8

Internet of Things

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

9

web scraping

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

10

sentiment analysis

process of identifying a follower's attitude (e.g. positive, negative, neutral) toward a product or brand by assessing the context or emotion of his or her comments

11

scanner data

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

12

channel partner model

relationship between channel partners in which a two-way exchange of information between purchasing organizations and their respective vendors is facilitated through shared or integrated IT systems

13

information overload

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

14

data mining

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

15

data warehouse

system to store and process the data that result from data mining

16

structured data

data that (1) are 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

17

unstructured data

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

18

emotion analysis

sophisticated process for identifying and categorizing the emotions a follower possesses in relation to a product or brand by assessing the content of that communication

19

data scientist

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

20

marketing analytics

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

21

digital marketing channels

paths of distribution through which a company's digital marketing communications can be delivered to reach their respective audiences

22

A/B test

method used for testing the effectiveness of altering 1 characteristic of a marketing asset (i.e. web page, banner ad, email); test is conducted by randomly exposing some users to the original version and other users to an altered version. The behavior of users within each group is recorded and the results are used to determine if the altered version performs better on some measure of interest (i.e. click through rates)

23

cost-per-click

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 marketer placed within the advertisment

24

cost-per-impression

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

25

search engine optimization (SEO)

systematic process to ensure that your firm comes up at or near the top of lists of typical search phrases related to your business

26

landing page

single page on a website that is built for a particular direct marketing opportunity

27

predictive analytics

uses large quantities of data within variables that have identified relationships to more accurately predict specific future outcomes

28

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

29

click-through

metric that indicates the percentage of website users who have decided to click on an ad to visit the website/web page associated with it

30

conversion

signifies an even that occurs on a web page that indicates the meeting of a predefined goal associated with the consumer's interaction with that page

31

cost-per-order

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

32

margin on sales

difference between the price at which a product is sold and the cost of the product