Sales & Marketing

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Data mining

Data mining helps organizations to achieve new insight and actionable knowledge from their business data. It is a process that employs a combination of machine learning, statistical analysis, modeling techniques, and information technology to discover hidden facts, previously unknown patterns of behavior, and trends. Companies can use this knowledge to make business decisions in their marketing, sales, customer service, production, credit, and finance activities more quickly, more accurately, and with higher confidence.

Customer relationship marketing

The concept of customer relationship on a one to one basis is not new to business. In fact, one to one relationships were prevalent during the last centuries. Having direct contact with the person with whom one was doing business was commonplace. As a result, specific bonds of trust were established between farmers, traders, merchants, shopkeepers, artisans, and their customers. This trend continues and the economy of the twenty first century is becoming increasingly customer centric. Building long term, loyal relationships with customers is the key to profitability.

Cross selling

Cross selling techniques exist in almost every field. Cross selling are sales activities that identify, suggest, and sell related items such as accessories or services to a prospective or existing customer. There are many different types of cross selling, for example, if a customer is buying a laptop, the salesperson might recommend a carrying case and/or extended warranty to go with that purchase. Other examples are mailings and on pack messages that offer free samples or savings coupons of other products that are perceived as adding value to the initial purchase.

Critical incidents technique

Service failures occur at critical incidents, or ‘moments of truth,’ in the service encounter, when customers interact with a firm’s employees. It is important to provide service personnel with the authority and the recovery tools necessary to correct service failures as they occur. The timeliness and form of response by service providers to service failures will have a direct impact on customer satisfaction and quality perceptions.

Contextual effects in consumer behavior

Contextual effects relate to an area of marketing known as consumer behavior. Contextual refers to the environment surrounding a situation and effects refer to the response of the consumer to that surrounding environment. Ultimately, marketers are interested in the impact material surrounding an advertisement, product, or service will have on the consumers’ interpretation. Marketers try to influence behavior. The situation in marketing might be an advertisement. The environment might be the type of magazine.

Buying decision process

At every second of the day consumers are being bombarded with marketing information and promotional messages. Messages from television advertisements to Website banners may reaffirm information about a product, showcase new products that are being launched, identify special product/service promotions, as well as notify consumers about special discount offers. Consumers therefore must constantly answer the question of ‘which product/service should they purchase?’ In order to arrive at a decision, the consumer goes through a process called the Consumer Buying Decision Process.

Consortium

The most used definition of a consortium (a word coming from the Latin for ‘partnership’) is that of Litteljohn (1982: 79) ‘An organization of hotels, usually, but not necessarily owned autonomously, which combine resources in order to establish joint purchasing/trading arrangements and operate marketing services.

Competitive strategy

A competitive strategy of an organization is, generally, conceived of as a comprehensive master plan of 'what' an organization intends to accomplish and 'how' it plans to implement and achieve its mission, goals, and objectives. The formulation of what an organization intends to achieve is referred to as strategic ends. Types of strategic ends include mission statements, business purpose, key strategic goals, market share objectives, financial target objectives, and key result areas.

Competitive position

A firm's competitive position can be looked on as how successfully a company competes in the marketplace relative to its competitors. Thus, the competitive position concept is concerned with how strongly the firm holds its present position and if it is positioned to maintain or improve this position in the future. The resource based view asserts that a strong competitive position is created by firms committing tangible and intangible resources, which become a bundle of unique products and capabilities.