Arc Customer360 is a business intelligence tool architected for retail marketers for customer analytics solution which provides a blend view of customer topography. It gives detailed analysis of what when and where they buy, what products they prefer along with the frequency of their purchase and what kind of offer’s will attract them to the same store back next time they purchase.
Key Capabilities of Arc Customer 360 are highlighted as follows:
1) Market Basket Analysis(MBA) :
This analysis helps in accessing the basket characteristics, popularity of an item, marketing events tracking and analyzing the affinity for products. MBA is considered as an inexpensive technique to identify cross sell opportunities. It provides insight in to Customer’s profile about who they are and what are the major purchases they make whenever they visit the store. This helps in determining the products tend to be purchased together and products which requires more marketing promotions or which needed to be go for sale or discount.
This analysis can be applied in various ways:
• Providing offer on products that are purchased together.
• Inventory control based on demand of products.
• Placing associated products together inside the store.
Market Basket Analysis is an excellent way to understand customer and their behaviors
2) Churn prediction :
Churn Rate is the number of customers who cut relations with the company (Store) during a given time period. Tracking of churn rate will be useful to the company in preventing to lose relations with an existing customer by taking appropriate measures. Churn Prediction emphasizes on predicting the probability that a customer will stop buying from the store and ...
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...360 as a customer analytic solution can gain benefits like
Understanding Customers
• Profiling of Customers
• Customers trend and reach
• Segment Migration and Profiling
Marketing Effectiveness
• Measurement of Return of Index
• Analysis of Performance Drivers
• Sales Trend
Campaigns
• Response of Campaigning, its frequency and reach
• Analysis of Return of Investment
Promotions
• Effectiveness of the channel
• Experimental Analysis Design
• Analysis of Historical Promotion
Purchase Behavior
• Purchase trends by individual customer or other segments
• Analysis of Sales- Channel
• Analysis of Store Migration
Loyalty
• Performance of Loyalty Program
• Points flow Analysis
• Member Activity Analysis
• Customer Lifecycle Analysis
Product Mix
• Products which have maximum affinity and concentration.
• Brand Migration Analysis
• Seasonality Analysis.
The company first needs to collect demographic and geographic information relevant to potential store location choices in order to segment its market. It is extremely important that the marketing team gather thorough information in order to ensure they are focusing efforts in areas where the company’s products will be best received. This will help them in achieving maximum sales.
RBC Financial Group uses a customer relationship management (CRM) strategy that provides a variety of services for a variety of clients. The strategy allows for individual customers to trust RBC and develop a personal relationship with each and every client. One major factor that allows CRM to operate effectively is the use of technologies and analytics to help classify each client’s financial situation. These customer profitability-based techniques allowed RBC to categorize their clients into A, B, and C groups so that the sales teams could optimize their efforts in catering to these different clients. This strategy holds the following strengths: optimizing sales efforts to different customers, easily accessible electronic sales leads, centralized and standardized financial decisions, and building personalized and sustainable customer relationships. There are a few weaknesses to the system though including the complexity in predicting future positions of companies despite the use of analytics as well as the complexity in creating consistency when using these
Segmentation, targeting and positioning are the fundament of modern marketing (Proctor, 2002, p. 188, as cited in Harris and Schaefer, 2015).
There are a range of segmentations that allows a company to target potential customers effectively.
The layout of this report intends to analyze each marketing tool by discussing each point and relating them from one to another, noticing the difference and/or similarities of the two products.
d) Enlarging new customers. Research on the consumer purchase behavior is an essential need. The analysis data will provide more information on who, how, and why to buy, and also understanding the competitors marketing strategic plan. Secondly, by analyzing the majority of subscribers age group, gender, preference items. Sending regular email on current promotion items and offer them with the 1st trial discount voucher to convert the subscribers into customers.
Marketing is not just about selling and advertising products and services. In general, marketing is associated with identifying the particular wants and needs of a target market of customers, and then working to satisfy those customers better than the competition. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution or place (Bethel, 2007). Understanding ways to identify the target market is crucial in developing market strategy. This paper is intended to define target marketing and examine a market analysis of Stacy's Pita Chip Company.
Other association techniques can be also used to determine cross selling opportunities, increasing customer lifetime value and profitability over time.
Product mix is the most essential element of marketing strategies of a company. Interface is well known as the global best provider of commercial carpet tiles. The organization deals with selling and leasing carpet tiles. Due to the recent poor performance by Interface, its product determination should be integrated to form part of its marketing strategy. The marketing department of ESA should mainly focus on the market segmentation as per the department requirements of the potential ...
Furthermore, I will explain the application of theory relating to me and my purchase. I will also review the marketing activity of the organization where I purchased from. This is to explain how the two theories have been used in the marketing strategy. In addition, recommendations regarding how the marketing strategy could have been improved by applying the 2 buyer behaviour theories are given.
Segmentation is a marketing strategy that involves separating a wide target market into small groups of customers who share the common need of using or purchasing the product that needs to be marketed. Market segmentation strategies are utilized to identify these groups of consumers and strategies are designed and implemented to make the product or service appeal to them. Support and also the product will be strategically placed in order to successfully achieve the ultimate marketing goal. Businesses and organizations may come up with different type of strategies involving different products and catchy phrases depending on the product or the target segment.
Once segments of customers have been defined, marketers need to select and evaluate which segments will be worth targeting. Cui and Choudhury (2003) define market targeting as marketing a product to a segment of customers due to the magnetism, for example size or growth, of the group. Marketers are able to select segments using undifferentiated, differentiated and concentrated marketing. By ignoring segment differences ...
Customer relationship management systems are part of enterprise applications. These systems are used to help manage relationships with customers, Information is provided to coordinate all of the business processes that deal with customers in sales, marketing, and service to optimize revenue, customer satisfaction, and customer retention (Laudon & Laudon, 2012).In today’s world, customer management relationship systems have given companies a large list of ways to interact with customers. Even though those ways are applied occasionally, companies still find even newer ways to provide customers an enjoyable experience for their products and services. Today, the customer relationship management industry is mainly focused on components, such as crowdsourcing, customers using mobile apps of companies and interaction from the social media teams of companies. Needless to say, Starbucks, coffeehouse chain, have pioneered in this system. Starbucks started out as a café in Seattle, Washington in USA at1971. One day, in 1981, a man named Howard Schultz entered in the café for the first time and fell into homelike environment of the café. He adored the place so much that, in 1987, he and a group investors acquired the café. From there on out, as of June 28, 2015, they have built more than 24000 stores in 70 countries
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Marketing Analysis is “the study and evaluation of market trends. The goal is to determine what products a company should produce and how to sell them. Business strategies and tactics