CRM Big Data and Marketing Analytics
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
CRM Big Data and Marketing Analytics
TOPIC : CRM, Big Data, and Marketing Analytics
POST
student 1 : bianca There are various types of data that are used in marketing management decision-making. The three types of data in this session are competitive intelligence, marketing research, and internal data. Competitive intelligence is a type of data that enables marketers and the members of a certain organization to analyze and gain knowledge of the competitors and the competitive market. Some of the things that are being analyzed are pricing strategy, competitive messaging and positioning, and product information. Such information helps a company decide how to safeguard its product information from being maliciously acquired by competitors (Zhang, 2012). Additionally, gaining knowledge about competitors helps a company decide how to innovate and invent unique products by learning from the trends of their rivals.On the other hand, marketing research data deals with solving marketing problems and the opportunities available in the market. This is made possible by analyzing customer feedback and demands from the market. This type of data helps to give information that can alter the decision of whether to shift on the steps taken or not. Such a shift may be associated with the product, message, brand, or tone.Lastly, internal data is also used in marketing management decision-making. It consists of customer information and their perspective collected by the organizations. These companies maintain such information because it contains the leads and important information obtained from prospective customers (Zhang, 2012). The information obtained in internal data helps the organization develop ways of satisfying the customers. This influences their decision-making by challenging the organization to come up with products that will meet the demand of the target market and audience. Marketers keep records of customers also to ensure that they record their loyal and potential customers. From the information obtained, they can develop ways of sustaining such important stakeholders to the company.ReferenceZhang, H. (2012). The Influence of Marketing in New Product Development. ProQuest Dissertations and Theses, 226. Ann Arbor, Ann Arbor, United States: ProQuest Dissertations Publishing. Retrieved from https://www.proquest.com/dissertations-theses/infl…Student 2: Ngoc Learning Engagement #5 TOPIC: CRM, Big Data, and Marketing Analytics What is CRM Marketing? Customer Relationship Management (CRM) marketing is a phrase that refers to the strategies and techniques that marketers employ to manage their customer relationships throughout the customer lifecycle, as well as the technologies that support the execution of such strategies and tactics. Customer Relationship Management (CRM) aims to improve and optimize customer interactions in order to increase customer loyalty, retention, revenue, and lifetime value (Bidgoli, 2017). What is Big Data? Big Data is the result of the exponential growth of data in both public and private organizations. Big Data is data so voluminous that conventional computing methods are not able to efficiently process and manage it. Companies such as Visa and MasterCard have been involved in big data for years, processing billions of transactions on a typical holiday weekend (Bidgoli, 2017). According to Bidgoli (2017), there has been an explosion in data growth throughout the business world in recent years. In fact, it has been estimated that the volume of business data worldwide doubles every 1.2 years. The bulk of big data generated comes from three primary sources: social data, machine data, and transactional data. Together, these three characteristics define Big Data: volume, variety, and velocity. What is Marketing Analytics? Marketing analytics is the analysis of data in order to assess the effectiveness of a marketing campaign. Businesses may understand what drives consumer behavior, enhance their marketing strategies, and maximize their return on investment by applying technology and analytical processes to marketing-related data. Marketing analytics necessitates more than just fancy software. Marketers require a strategy that puts all of their data into context. For the most part, marketing analytics works like this (SAS, 2022). The purpose of quantitative research is to attain greater knowledge and understanding of the social world. Researchers use quantitative methods to observe situations or events that affect people. Quantitative research produces objective data that can be clearly communicated through statistics and numbers (Williams, 2021). Business owners can now use quantitative methods to predict trends, determine the allocation of resources, and manage projects. Quantitative techniques are also used to evaluate investments. In such a way, organizations can determine the best assets to invest in and the best time to do so. ==================================== Customer Need Recognition, Marketing Assumptions, Marketing Analysis (from the syllabus). What Is Need Recognition? The first step in customer purchasing behavior is need recognition, often known as problem identification. It occurs when a customer discovers a previously unmet demand that must be supplied. A necessity is a precise criterion that you must meet in order to exist and function in society. Physiological, personal, and socioeconomic needs are all possible. Food, shelter, transportation, income, power, and social standing are examples of necessities. A goal, on the other hand, is a method of meeting needs. A steak satisfies your hunger, a house satisfies your shelter needs, a car satisfies your transportation needs, investment products can provide you with wealth, and some products denote power and status (Grimley, 2016). What is a Marketing Assumption? Any assumptions utilized to construct a strategic plan are referred to as strategic marketing assumptions. Things that are difficult or impossible to predict may be included in these assumptions. Assumptions are never 100 percent accurate by nature, yet they are important for a company to continue forward with its strategic plans. Strong strategic plans are built on recognized and dependable strategic assumptions, which can never be completely confirmed. Thinking no new legislation will affect your sector in the next six months, maintaining a price, or assuming your customers will want the new product you are delivering are all examples of marketing assumptions. If any of these assumptions are incorrect, your strategic plan will be built on fragile ground, potentially jeopardizing months of planning and preparation. As a result, rather than rushing ahead, it is critical to developing assumptions that are well-founded and proven. Your strategic plan should have a pragmatic and critical approach to things (Harris, 2018). What is a Marketing Analysis? A market analysis is a comprehensive examination of a market within a particular industry. You will examine the dynamics of your market, such as volume and value, client categories, buying patterns, competition, and other crucial elements, using this analysis. A marketing study can help you manage risk, spot developing trends, and forecast income. You may utilize a marketing analysis at various stages of your business, and it is even a good idea to do one once a year to stay on top of any important market changes. A thorough market study is frequently included in a business plan since it helps you gain a better understanding of your target audience and competitors, allowing you to develop a more targeted marketing approach (Kuligowski, 2020). ==================================== At Phoebe by the Sea, we have reviewed and implemented strategic marketing analysis and techniques for our company. In this stage for our company, we have surmounted many trials and tribulations and thus, lead us to act: Taking Action (3 Steps): ACTION 1: Instead of saying “Click here”, we could say “Find out how we get the freshest seafood in SoCal!” *Or… “We guarantee the freshest seafood in SoCal!”ACTION 2: Instead of saying “Watch this video,” we could say “See how these couples can afford a beachfront wedding!”ACTION 3: Instead of saying “Visit our store,” we could say “Drop by today and get a free entrée on us!”First, we grab the customer’s attention by showing delicious seafood dishes… Second, we prolong their interest by showing snippets of wedding videos of happy couples at our restaurant… Third, we entice customers with something free to get them to our restaurant… References Bidgoli, Hossein. MIS, 8th ed. Cengage Learning. 2017. ISBN: 978-1337406925 Grimley, S. (2016). Need Recognition in Marketing: Definition & Explanation. Retrieved from https://study.com/academy/lesson/need-recognition-in-marketing-definition-lesson-quiz.html. Harris, N. (2018). Strategic Planning Assumptions: Marketing Examples. New Perspective. Retrieved from https://www.npws.net/blog/strategic-planning-assum… Kuligowski, K. (2020). How to Conduct a Market Analysis for Your Business. Business News Daily. Retrieved from https://www.businessnewsdaily.com/15751-conduct-ma… SAS. (2022). Marketing Analytics. Sas. Retrieved from https://www.sas.com/en_us/insights/marketing/marke… Williams, T. (2021). Why Is Quantitative Research Important? Doctoral Journey. Grand Canyon University. Retrieved from https://www.gcu.edu/blog/doctoral-journey/why-quan…
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
CLICK ON THE LINK HERE: https://www.perfectacademic.com/orders/ordernow
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!!