Database Marketing – Flashcards
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Database Marketing
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The use of customer databases to enhance marketing productivity through more effective acquisition, retention, and development of customers.
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5 Reasons Database Marketing Industry is Huge
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Information technology, Growth of the internet, lower productivity of mass marketing, marketing accountability, and increasing interest in customer relationships, Establishing competitive advantage
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4 problems addressed by database marketing activities
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Acquiring customers, retaining and developing customers, [coordinating acquisition, retention, and development], managing marketing mix
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Predictive Modeling
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A process used to identify patterns that can be used to predict the odds of a particular outcome based on the observed data
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3 Reasons to engage in database marketing
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enhance productivity, enhance customer relationships, and create competitive advantage
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Wannamaker
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"I know that half of my marketing is wasted..."
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Data-Mining
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the process of analyzing data to extract information not offered by the raw data alone
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Four Aspects of a Relationship (Hinde)
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reciprocal exchange, purpose, multiplex, process
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Why CRM is sometimes unsuccessful
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Organizational barriers, acquisition vs. retention costs, cultivating the customer side, reliance on technology, balance of customer vs product focus
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Marketing orientation (Jaws)
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generation of data, dissemination, and responsiveness to the data. (No positive to customer relationship performance)
