lesson 2 Flashcards
is the key to navigating the unpredictable landscape of customer desires, ensuring that your products and services remain relevant, desirable, and ultimately, successful.
Forecasting
can help businesses understand when to produce products, how much to produce, and how to improve production lead times.
Production
can help businesses ensure they have the right amount of ——– to meet customer demand, avoiding stockouts and overstocking
Inventory
can help businesses improve —– —– management by helping them coordinate with suppliers to ensure they have the right materials to fulfill orders
Supply chain
can help businesses understand what —–channels are most effective for driving purchases.
Marketing
can help businesses predict how much they can expect to spend on production costs, allowing them to shift funds between departments.
Budgeting
Customer-centric forecasting places the customer at the heart of all decisions. Understanding their needs, wants, and aspirations is the foundation of effective forecasting.
Focus on the Customer
Leveraging customer data, analytics, and market research, businesses can gain insights into current and future customer behavior, preferences, and purchasing patterns.
Data-Driven Insights
Customer-centric forecasting emphasizes agility and adaptability. It acknowledges the dynamic nature of the market and the ever-changing needs of customers
Agile and Adaptive
Engaging with customers through surveys, feedback mechanisms, and direct communication helps businesses understand their needs and anticipate future demands.
Collaborative Approach
How do customers first learn about your products or services? What are their initial motivations and expectations?
Awareness
What factors influence their decision-making process? What are their key concerns and questions?
Consideration
What ultimately prompts them to
make a purchase? What are the
key features and benefits that
resonate with them?
Decision
How do they interact with your brand after the purchase? What are their feedback and suggestions?
Post-Purchase
Age, gender, location, income level, and education provide insights into broad customer segments and their needs.
Demographic Data
Lifestyle, values, interests, and attitudes offer a deeper understanding of customer motivations and preferences.
Psychographic Data
Website traffic, purchase history, customer reviews, and social media interactions reveal specific preferences and patterns.
Behavioral Data
algorithms use historical data to identify patterns and forecast future customer behavior, demand, and trends.
Predictive Analytics
Surveys, focus groups, and competitor analysis provide valuable insights into market trends, customer preferences, and industry dynamics
Market Research
Tracking social media conversations, sentiment analysis, and online reviews offers valuable insights into customer perceptions and emerging trends.
Social Media Monitoring
