Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency advertises on behalf of an entire industry or locality, often a specific type of food, food from a specific area, or a city or region as a tourism destination.
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.
In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics.
Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is an important component of business strategy and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the market size and the competition. Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data.
Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities.
Porter's Five Forces Framework is a method of analysing the operating environment of a competition of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness of an industry in terms of its profitability. An "unattractive" industry is one in which the effect of these five forces reduces overall profitability. The most unattractive industry would be one approaching "pure competition", in which available profits for all firms are driven to normal profit levels. The five-forces perspective is associated with its originator, Michael E. Porter of Harvard University. This framework was first published in Harvard Business Review in 1979.
Marketing strategy allows organizations to focus limited resources on best opportunities to increase sales and achieve a competitive advantage in the market.
An industry analyst performs primary and secondary market research within an industry such as information technology, consulting or insurance. Analysts assess sector trends, create segment taxonomies, size markets, prepare forecasts, and develop industry models. Industry analysts usually work for research and advisory services firms, and some analysts also perform advisory (consulting) services. Typically, analysts specialize in a single segment or sub-segment, researching the broad development of the market rather than focusing on specific publicly traded companies, equities, investments, or associated financial opportunities as a financial analyst might.
The Harris Poll is an American market research and analytics company that has been tracking the sentiment, behaviors and motivations of American adults since 1963. In addition to the traditional consulting offered, Harris has developed software data platforms that allow brands to track health and campaign success. The firm works with clients in three primary areas: brand strategy and tracking, corporate reputation, and research for public release.
Verint Systems is a Melville, New York-based analytics company which was founded in 2002. The company sells software and hardware products for customer engagement management and business intelligence. Their products are designed to assist clients in data analysis, specifically large data sets.
IQVIA, formerly Quintiles and IMS Health, Inc., is an American multinational company serving the combined industries of health information technology and clinical research. IQVIA is a provider of biopharmaceutical development and commercial outsourcing services, focused primarily on Phase I-IV clinical trials and associated laboratory and analytical services, including consulting services. It has a network of more than 88,000 employees in more than 100 countries and a market capitalization of $49 Billion as of August 2021. As of 2017, IQVIA was reported to be one of the world's largest contract research organizations.
A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.
Account-based marketing (ABM), also known as key account marketing, is a strategic approach to business marketing based on account awareness in which an organization considers and communicates with individual prospect or customer accounts as markets of one. Account-based marketing is typically employed in enterprise level sales organizations.
Firmographics are sets of characteristics to segment prospect organizations.
Rockbridge Associates, Inc. is a market research firm located in Great Falls, Virginia that specializes in issues for technology and services companies and associations. Rockbridge offers services addressing business issues such as product development, customer satisfaction, segmentation, branding and pricing. The firm provides the National Technology Readiness Survey, which has tracked consumer technology beliefs since 1999. Rockbridge is a member of the Council of American Survey Research Organizations (CASRO).
Ness Digital Engineering Ness Digital Engineering is an American multinational technology corporation providing digital transformation services for media & entertainment, education, financial services, manufacturing & transportation, and independent software vendors. Ranjit Tinaikar has been the Chief Executive Officer of Ness Digital Engineering since February 2020. Founded in 1998 and headquartered in Teaneck, New Jersey, Ness is a leading provider of end-to-end digital transformation services specializing in building digital software products and platforms. Ness helps organizations envision, build, and continually evolve their digital platforms to enter new markets, capture new revenue, and gain operational efficiencies. The Company offers a wide range of digital practices, including cloud engineering, data and analytics, experience design, intelligence engineering, and Salesforce for businesses across sectors. Today, Ness has a presence in North America, Europe, the Middle East, and Asia, with a globally diversified talent pool across India, Eastern Europe, and the United States.
Versapay is a Canadian financial technology company that specializes in accounts receivable software. It was listed on the TSX Venture Exchange under the symbol VPY between January 2010 and February 2020 when it was acquired by private equity firm Great Hill Partners for $126 million.
Knowland is a web-based software company that provides business development products and services to the hospitality industry.
Markstrat is a simulation video game developed by Jean-Claude Larréché and Professor Hubert Gatignon from 1974 to 1977. The game lets players take control of a virtual corporation. Players make a number of decisions in marketing, finance, research and development, and other areas in order to achieve a better performance than competing players, who also take control of their own companies. After the game was developed it was distributed on an ad-hoc basis by the French business school INSEAD. Markstrat is played in over 500 academic institutions worldwide, including 8 of the top 10 international business schools and 25 of the top 30 in the United States.
