StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Data Mining Techniques: For Marketing, Sales, and Customer Support - Essay Example

Cite this document
Summary
This essay "Data Mining Techniques: For Marketing, Sales, and Customer Support" discusses strategic marketing planning for any company that can sometimes be complex. Strategic planning today often requires collaboration with other firms while carefully observing other competitors…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.3% of users find it useful
Data Mining Techniques: For Marketing, Sales, and Customer Support
Read Text Preview

Extract of sample "Data Mining Techniques: For Marketing, Sales, and Customer Support"

? Marketing Management Institute Marketing Management Strategic marketing planning for any company can sometimes be complex. Strategic planning today often requires collaboration with other firms while carefully observing other competitors. The process of planning is usually similar a number of ways. This is because the objectives of the issues involved can have resemblance. Whether large or small, most marketers if not all, always struggle to meet customer requirements and at the same time meeting their own commercial and marketing objectives. The marketing planning process needs the harmonization of open- based decisions at the peak of the commercial level with more closely distinct actions at the bottom. At the apex are vital corporate decisions dealing with the firm's mission, visualization, goals, and the allocation of resources in the midst of business units. Planning at this stage involves decisions concerning the divestment of the business units themselves. These decisions drop down the corporate constitution to the business-unit level, where planning is mainly focused on achieving the objectives inside defined product markets. Planning at this stage must consider and be regular with decisions prepared at the corporate level. However, single business unit organizations, corporate and business unit approach are the same. Crucial planning and decision making usually originates at the bottom of the structure. It is at this stage where firms put into operation the planned decisions regarding marketing strategy as well as marketing plans. This report seek to identify the role of marketing during strategic planning in building profitable customer relations. Also, it will highlight on negative impacts of a biased marketing plan. For a long time now, managers and academics have tried to differentiate productive from unproductive companies. The answer lies in the firm’s ability to bring greater customer significance, thus outperforming the competitors in the view of the customer. Within the limitations of corporate and  business strategy, strategic marketing is the instrument for making choices with regard to the client value for a target audience. By the use of segmentation and positioning, strategic marketing assist in targeting a company's marketing tools to achieve the market and marketing objectives formulated. Kotler defines Customer value as customers' feelings about the products received from a firm including the risks related to that product. The key point is the identification of opportunities for consumer value. It also involves the process of analyzing the external and internal company atmosphere. The intention is to improve opportunities for value formation and counter threats that may expose the use or authority of the present value generators in the future. The recognition and assessment of means to value creation are also fundamental as it is the capability to devise and realize plans based on the value invention decisions (Kotler, 2009). The Role of Marketing The planning process begins with an examination of the firm's internal and external entities creating a situation analysis. Based on a comprehensive review of these applicable issues, the firm establishes its operation, strategy, objectives, and more than a few functional plans. Planning efforts pertaining each functional area will generate strategic plan for that area. Although it is pertinent to note that the processes apprehended with developing a customer-oriented marketing strategy and marketing plan, should pressure that firm to develop effective marketing plans that are conversant with the business's goals. Senior management must synchronize these functional plans in a way that will achieve a firm’s mission and business objectives. The Marketing Plan is a written document providing the layout of the firm’s marketing activities that involve execution and control of those proceedings. A marketing plan generates a number of purposes. For one, the marketing plan distinctively depicts how the firm will achieve its goals. This aspect of marketing planning is essential. In this sense, the marketing plan serves as the “roadmap” for executing the marketing strategy. Although the focus is on marketing planning and strategy, we cannot highlight enough that marketing decisions must be executed within the limits of the organization’s overall mission, goals, and objectives. The sequencing of decision levels depicted in the following areas starts with expansive decisions concerning the organizational mission, followed by a discussion of the business-unit strategy. The strategic marketing process targets building profitable customer relationships. This relationship cannot be established without an in-depth analysis and understanding of the customer. The following has to be taken into consideration: Identifying Marketing Opportunities and Customer Needs This is a starting point for developing marketing strategies. This is where key points are highlighted: Who are the potential competitors and what is their strength? How satisfied are the customers? Are there any unmet consumer wants? How are consumers likely to perceive a firm’s products in relation to the competitors’ products? Market research can assist answer these key issues. Developing and Implementing Market Strategies In order for a firm to gain entirely from provided opportunities in the marketplace, they should build up an effective marketing strategy with an efficient marketing mix. Good marketing research should assist in recognition of a distinct marketing mix that is most efficient so as to exploit customer relation hence profits Evaluating Effectiveness of the Plan A firm should construct a marketing program, which will seek to deliver quality value. This can be done by getting feedback from customers and taking corrective actions with elements of products or services that need fixing. Controlling is an important element of the planning process, and another area in which marketing research provides solutions. Creating Customer Delight This is the concluding section of the marketing plan. It depicts how the recognized results can be controlled to create customer delight. Marketing control involves establishing routine standards and analyzing performance by differentiating it with the provided standards while captivating correct procedures to reduce the difference between preferred and actual presentation. Performance standards should be tied back to the objectives affirmed earlier in the plan. These qualities can be observed with the increase in sales volume, and profitability, or even advertising quality such as brand acknowledgment or recall. In spite of the standard preferred, all performance standards must be settled upon before the results of the plan can be assessed. The financial appraisal of the marketing plan is also a significant module of evaluation and control. Estimates of costs and revenues determine financial projections. In reality, budgetary considerations take part in the role of recognition of alternative strategies. The financial realities of the firm must be monitored fully. A marketing plan should also contribute to a positive social responsibility. A marketing plan that ignores social responsibility or silent about ethical requirements, risks ethical breakdowns and damage the reputation of the firm. Therefore, it is important for a firm to initiate a sound Marketing plan that will capture customer value. Reference Armstrong, G., Kotler P., Harker, M., and Brennan, R., Marketing an Introduction, Pearson Education Limited: Harlow Essex. 2009 Gilbert A. Churchill, Jr. Journal of Marketing Research. Vol. 16, No. 1 (Feb., 1979), pp. 64-73: American Marketing Association Michael J. Berry & Gordon Linoff. Data Mining Techniques: For Marketing, Sales, and Customer Support. John Wiley & Sons, Inc. New York, NY, USA ©1997 Kaj Storbacka, Tore Strandvik, Christian Gronroos, (1994) "Managing Customer Relationships for Profit: The Dynamics of Relationship Quality", International Journal of Service Industry Management, Vol. 5 Iss: 5, pp.21 – 38. Evert Gummesson, (1994) "Making Relationship Marketing Operational", International Journal of Service Industry Management, Vol. 5 Iss: 5, pp.5 – 20 Uta Juttner, Hans Peter Wehrli, (1994) "Relationship Marketing from a Value System Perspective", International Journal of Service Industry Management, Vol. 5 Iss: 5, pp.54 – 73 Roland T. Rust, Peter J. Danaher, Sajeev Varki, (2000) "Using service quality data for competitive marketing decisions", International Journal of Service Industry Management, Vol. 11 Iss: 5, pp.438 – 469 Munsung Rhee, Satish Mehra, (2006) "A strategic review of operations and marketing functions in retail banks", International Journal of Service Industry Management, Vol. 17 Iss: 4, pp.364 – 379 Isabelle Szmigin, Louise Canning, Alexander E. Reppel, (2005) "Online community: enhancing the relationship marketing concept through customer bonding", International Journal of Service Industry Management, Vol. 16 Iss: 5, pp.480 - 496 Maureen FitzGerald, David Arnott, (1996) "Understanding demographic effects on marketing communications in services", International Journal of Service Industry Management, Vol. 7 Iss: 3, pp.31 - 45 Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Marketing Essay Example | Topics and Well Written Essays - 1000 words - 13”, n.d.)
Retrieved from https://studentshare.org/marketing/1495862-marketing
(Marketing Essay Example | Topics and Well Written Essays - 1000 Words - 13)
https://studentshare.org/marketing/1495862-marketing.
“Marketing Essay Example | Topics and Well Written Essays - 1000 Words - 13”, n.d. https://studentshare.org/marketing/1495862-marketing.
  • Cited: 0 times

CHECK THESE SAMPLES OF Data Mining Techniques: For Marketing, Sales, and Customer Support

Various Sales Promotion Techniques Adopted by Companies

sales Promotion Abstract This report will try to throw some light on various sales promotion techniques adopted by companies.... The study will try to analyze sales promotion in terms of demographics and psychographics.... The report will try to dissect sales promotion as a strategic tool used by companies to create brand equity.... hellip; Objectives of sales promotion are discussed in the second half of the study....
10 Pages (2500 words) Research Paper

Customer Relationship Management

Functional category includes aspects which relate to the functional areas of an organization and includes areas like sales force automation, customer support etc.... The business strategy aspect can be divided into three types which are business, technology and customer.... Operational CRM helps in providing solutions with regards to various back and front end support for administrative and customer related aspects by integration with different databases to provide customer friendly support and delivery business processes (Motiwalla & Thompson, p....
4 Pages (1000 words) Essay

Important Data Mining Techniquesning

IMPORTANT data mining techniques This section outlines some of the prime and important data mining techniques.... Data Warehousing and Mining By Date Table of Contents INTRODUCTION data mining refers to the method of examining data from diverse viewpoints and transforming it into valuable information (information that can be used to raise income, reduce expenditures, or both).... hellip; Additionally, data mining is also known as data or knowledge discovery....
19 Pages (4750 words) Essay

Problems and Opportunities created by having too much data, and what to do about them

In this scenario, some organizations gather data for the business and customer relationship management.... In this scenario the huge business data collections are used through some OLAP, data mining and data warehousing based tools.... In this scenario the huge business data collections are used through some OLAP, data mining and data warehousing based tools.... hellip; Massive collection of data is also effective for business decision support....
3 Pages (750 words) Research Paper

Foundation of Data Mining

Foundation of Data Mining data mining techniques emerged as a result of product development and a long process of research.... data mining Name: Institution: Introduction data mining, also known as knowledge discovery, is the process of extracting and analyzing data from different sources and summarizing it into helpful information.... hellip; data mining software is a computer aided process of extracting and analyzing hidden predictive information from a large set of data (Hoptroff & Hoptroff, 2001)....
5 Pages (1250 words) Research Paper

Data Mining and Data Warehousing

Web mining This technique involves data mining processes such clustering, prediction and the modeling of the differences that analyzes the results of intermediate action, in addition to this, apart from data mining, web mining is a dependent of a real time system that invokes targeted offers on behalf of a process which can be up selling and customer retention and requirement analysis from the customers.... data mining data mining data mining is the latest and the most powerful technology, and that have great potential in helping companies to focus only on the most vital information in the collected data on the behavior, of their potential customers and their current customers (Olson & Delen, 2008)....
4 Pages (1000 words) Assignment

Data Mining Process and Algorithms

The information derived is used to support business-related strategies and applications like inventory management, marketing promotions and customer relations management.... data mining Name: School: 1.... hellip; This is realized through predictive analysis data mining, which offers the users, impactful insights throughout the organization (Greene, 2012).... data mining has different components, but the most significant is defining the problem, evaluating the available data and developing predictive models....
5 Pages (1250 words) Essay

The Profit Impact of Business Intelligence

The common functions of these technologies are online analytical processing, reporting, analytics, process mining, data mining, benchmarking, complex event processing, prescriptive analytics, text mining, business performance management, and predictive analytics.... The following diagram will represent the model to be used in agent data mining to solve the problem.... nbsp;The decision support systems have to be developed to analyze the collection of data which is massive....
6 Pages (1500 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us