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.
...t and targeted. The profile will reveal their buying patterns, including how they buy, where they buy and what they buy. Again, regularly review trends are not missed on new opportunities or become irrelevant with the marketing message. Similarly, are as part of the marketing strategy that is developed on the profile of competitors that have identified their products, supply chains, pricing and marketing tactics.
Successful marketing strategies are very important as it determines whether the organizations can materialize the benefits and strengths of their products and improve their revenue and profitability. Marketing strategies are heavily impacted by the external opportunities and weaknesses, as well as the internal strengths and weaknesses of the organization. Based on this information, companies have to segment the big market into small segments and divide their products into homogeneous batches to target each segment separately. Furthermore, the organizations have to design important marketing mix, including product, price, place, and promotion to make sure that their products are well received by the customers. All of these aspects are very important for organizations realize the potential from their products and achieve the competitive advantages in the competitive market.
Data mining is also capable of determining the Lifetime Value (LTV) of a customer which determines how long they are likely to stay and how profitable they will be during that time. Same as Best Buy, telecommunication companies are aware that not all customers are created equally. Creating a LTV for customers builds on what is known about current customers and extrapolates it into the future. According to the four analysts Drew, Mani, Betz, and Datta from Verizon laboratories their company is already integrating LTV into customer retainment decisions and its more advanced Gain in Lifetime Value (GLTV).
Organizations and businesses are constantly vying for new and existing customers’ attention and business. In order to achieve this, marketing of products and or services are needed to advertise these to customers. One of the major ways that organizations and businesses acquire their information is through data mining. They create customer profiles from all of the information that they collect to create these profiles. These
Segmentation, targeting and positioning are the fundament of modern marketing (Proctor, 2002, p. 188, as cited in Harris and Schaefer, 2015).
According to the topic that has given to us, I select about the segmentation, Targeting and Positioning. There are many kinds of companies who are selling the same products with different prices however the quality of products is not the same. Every person likes good quality products no matter what price. Even though they produce is good product there is always segmentation targeting and positioning for each. This is also look for the appropriate place to go.
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Delivering the requested number of products successfully matching different market segments, consumers, and their expectations in terms of price, age, reliability and ideal positioning on market perceptual map (graph above).
In this unit I will be analysing the different marketing techniques that are used in businesses, in this case Tesco and Uber, and I will be also researching how these companies use the market to their advantage and try beating competitors.
In this assignment, I will be evaluating the effectiveness of the use of marketing techniques in marketing products in Tesco.
Many of today’s companies manipulate data to provide their customers with proper services. These companies utilize data to tailor and promote their ads to satisfy customers’ needs. However, to fluently do so, these companies need to collect, store and process customers’ historical data. Netflix, for example, is a giant data manipulator that collects customers’ data to fluently promote their products. Netflix uses web analytics tools to collect customers’ browsing data and preferences. Without utilizing web analytics, Netflix will not be able to succeed.
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
Consumers churn for several reasons, including price and customer service. Therefore, it varies based on the sector.
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.