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Customer relationship management (CRM) is a process in which a business or another organization administers its interactions with customers, typically using data analysis to study large amounts of information.
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is the sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Database marketing is a form of direct marketing that uses databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes. The method of communication can be any addressable medium, as in direct marketing.
Data management comprises all disciplines related to handling data as a valuable resource, it is the practice of managing an organization's data so it can be analyzed for decision making.
Predictive analytics is a form of business analytics applying machine learning to generate a predictive model for certain business applications. As such, it encompasses a variety of statistical techniques from predictive modeling and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events. It represents a major subset of machine learning applications; in some contexts, it is synonymous with machine learning.
The target audience is the intended audience or readership of a publication, advertisement, or other message catered specifically to the previously intended audience. In marketing and advertising, the target audience is a particular group of consumer within the predetermined target market, identified as the targets or recipients for a particular advertisement or message.
Revenue management (RM) is a discipline to maximize profit by optimizing rate (ADR) and occupancy (Occ). In its day to day application the maximization of RevPAR is paramount. It is seen by some as synonymous with yield management.
The following outline is provided as an overview of and topical guide to marketing:
Angoss Software Corporation, headquartered in Toronto, Ontario, Canada, with offices in the United States and UK, acquired by Datawatch and now owned by Altair, was a provider of predictive analytics systems through software licensing and services. Angoss' customers represent industries including finance, insurance, mutual funds, retail, health sciences, telecom and technology. The company was founded in 1984, and publicly traded on the TSX Venture Exchange from 2008-2013 under the ticker symbol ANC.
Fashion merchandising can be defined as the planning and promotion of sales by presenting a product to the right market at the proper time, by carrying out organized, skillful advertising, using attractive displays, etc. Merchandising, within fashion retail, refers specifically to the stock planning, management, and control process. Fashion Merchandising is a job that is done world- wide. This position requires well-developed quantitative skills, and natural ability to discover trends, meaning relationships and interrelationships among standard sales and stock figures. In the fashion industry, there are two different merchandising teams: the visual merchandising team, and the fashion merchandising team.
Trade Promotion Management (TPM) is a software application that assist companies in managing their trade promotion activity.
Fashion forecasting began in France during the reign of Louis XIV. It started as a way of communicating about fashion and slowly transformed into a way to become ahead of the times in the fashion industry. Fashion forecasting predicts the moods of society and consumers, along with their behavior and buying habits and bases what they may release in the coming future off of the forecast. Fashion trends tend to repeat themselves every 20 years, and fashion forecasting predicts what other trends might begin with the rotation of fashion as well. Fashion forecasting can be used for many different reasons, the main reason being staying on top of current trends and knowing what your consumer is going to want in the future. This method helps fashion brands know what to expect and what to begin producing ahead of time. Top name brands and high end companies such as Vogue and Gucci even use this method to help their designers become even more informed on what is to come in the fashion industry.
The fields of marketing and artificial intelligence converge in systems which assist in areas such as market forecasting, and automation of processes and decision making, along with increased efficiency of tasks which would usually be performed by humans. The science behind these systems can be explained through neural networks and expert systems, computer programs that process input and provide valuable output for marketers.
Behavioral analytics is a recent advancement in business analytics that reveals new insights into the behavior of consumers on eCommerce platforms, online games, web and mobile applications, and Internet of Things (IoT). The rapid increase in the volume of raw event data generated by the digital world enables methods that go beyond demographics and other traditional metrics that tell us what kind of people took what actions in the past. Behavioral analysis focuses on understanding how consumers act and why, enabling predictions about how they are likely to act in the future. It enables marketers to make the right offers to consumer segments at the right time.
Marketing automation refers to software platforms and technologies designed for marketing departments and organizations automate repetitive tasks and consolidate multi-channel interactions, tracking and web analytics, lead scoring, campaign management and reporting into one system. It often integrates with customer relationship management (CRM) and customer data platform (CDP) software.
Mobile location analytics (MLA) is a type of customer intelligence and refers to technology for retailers, including developing aggregate reports used to reduce waiting times at checkouts, improving store layouts, and understanding consumer shopping patterns. The reports are generated by recognizing the Wi-Fi or Bluetooth addresses of cell phones as they interact with store networks.
Psychographic segmentation has been used in marketing research as a form of market segmentation which divides consumers into sub-groups based on shared psychological characteristics, including subconscious or conscious beliefs, motivations, and priorities to explain, and predict consumer behavior. Developed in the 1970s, it applies behavioral and social sciences to explore to understand consumers’ decision-making processes, consumer attitudes, values, personalities, lifestyles, and communication preferences. It complements demographic and socioeconomic segmentation, and enables marketers to target audiences with messaging to market brands, products or services. Some consider lifestyle segmentation to be interchangeable with psychographic segmentation, marketing experts argue that lifestyle relates specifically to overt behaviors while psychographics relate to consumers' cognitive style, which is based on their "patterns of thinking, feeling and perceiving".
Data-driven marketing is a process where marketers employ a process to gain insights into consumer behavior, including purchasing patterns, advert effectiveness, and browsing habits. Contemporary methods utilize big data strategies to collect and analyze information on consumer interactions and engagements, aiming to predict future behaviors. This analysis involves evaluating existing data, acquiring new data and systematically organizing and interpreting it to improve marketing strategies. The primary objective is to better understand and address customer needs. Market research provides a detailed understanding of consumer preferences
Customer data or consumer data refers to all personal, behavioural, and demographic data that is collected by marketing companies and departments from their customer base. To some extent, data collection from customers intrudes into customer privacy, the exact limits to the type and amount of data collected need to be regulated. The data collected is processed in customer analytics. The data collection is thus aimed at insights into customer behaviour and, eventually, profit maximization by consolidation and expansion of the customer base.
References
- ↑ Kioumarsi et al., 2009
- ↑ "The future of retail supply chains". www.mckinsey.com. Retrieved 22 November 2018.
- ↑ Bain & Co.[ clarification needed ]
- ↑ Levy, Barocas, Karen, Solon (2018). "Refractive Surveillance: Monitoring Customers to Manage Workers". International Journal of Communication. 12: 2–10.
{{cite journal}}: CS1 maint: multiple names: authors list (link) - ↑ Rygielski, Chris; Wang, Jyun-Cheng; Yen, David C. (2002-11-01). "Data mining techniques for customer relationship management". Technology in Society. 24 (4): 483–502. doi:10.1016/S0160-791X(02)00038-6. ISSN 0160-791X. S2CID 16056151.