Mkt-Chapter 4

Front 1

Uses of Data Mining

Back 1

Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available. Customer Acquisition, Customer retention and loyalty, customer abandonment, & market basket analysis

Front 2

Customer Acquisition

Back 2

Many firms include demographic and other information about customers in their database. (ex. through membership and customer information, store is able to track customer response through purchase items)

Front 3

Customer Retention and Loyalty

Back 3

The firm identifies big-spending customers and then targets them for special offers and inducements other customers won't receive. (keep most profitable customers coming back)

Front 4

Customer Abandonment

Back 4

firm wants customers to take their business elsewhere because servicing them costs the firm too much.

Front 5

Market Basket Analysis

Back 5

develops focused promotional strategies based on the records of which customers have bough certain products.

Front 6

Marketing Research Process

Back 6

Define the Research Problem, Determine the Research Design, Choose the Method to collect Primary Data, Design the Sample, Collect the Data, Analyze and Interpret the Data, Prepare the Research Report.

Front 7

Define the Research Problem

Back 7

-Specify the research objectives
-Identify the consumer population of interest
-Place the problem in an environmental context

Front 8

Determine the Research Design

Back 8

-Determine whether secondary data are available
-Determine whether primary data are required
*Exploratory research
*Descriptive research
*Casual research

Front 9

Choose the Method to Collect Primary Data

Back 9

-Determining which survey methods are most appropriate (Mail questionnaires, telephone Interviews, Face-to-face interviews, Online questionnaire )s
-Determine which observational methods are most appropriate (personal, unobtrusive measures, mechanical)

Front 10

Design the Sample

Back 10

Choose between probability samplng and nonprobability sampling

Front 11

collect the data

Back 11

-translate questionnaires and responses if necessary
-combine data from multiple sources (if available)

Front 12

Analyze and Interpret Data

Back 12

-Tabulate and cross-tabulate the data
-Interpret or draw conclusions from the results

Front 13

Prepare the Research Report

Back 13

-In general, the research report includes the following: an executive summary, a description of the research methods, a discussion of the results of the study, limitation of the study, and conclusions and recommendations)