midterme review 361 sp 011

midterme review 361 sp 011 - Test One (75 points) You must...

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Test One (75 points) You must bring a calculator. DM definition – 4 key elements (lecture) Central premise on retention’s value/Ogilvy quote Marketing evolution – from mass to CRM) Why management is customer acquisitioned focused despite 80/20 rule. What do today’s consumers expect from brands? Data mining: cluster, market basket, data appending 2 kinds of “database people” flat file vs. relational databases Operational vs. marketing database (model and examples) Ways to gather data on consumers. (operational and marketing databases – covered more extensively on lists lecture) House list, compiled lists response list (sources of data for each) Evaluating lists prior to rental/purchase – things to consider Seeding, list hygiene Roles of list owners, brokers, managers and compilers Leading data providers: Claritas, Knowledgebase, Experian, InfoUSA (what each is known for – or examples of data explored in lecture) Role of the offer/product knowledge Effect of sales objectives on offer – what to consider Ways to raise response (incentives) – gifts, trials, etc.) Price reduction strategies, Creating urgency Terms & conditions, How to generate inquiries “Bribes” (choice, two-step gift, etc.) CRM, LTV, RFM, NBP, Multichannel marketing, appending data Creating segments – gold to losers (model) Characteristics of an ideal segment (from lecture); aspects of good segment strategy NPV. Cumulative NPV, NPV profits Calculating retention rate Acquisition costs, Variable costs, Calculating break even point, gross profits Spending per visit (SPV) Discount rate – reasons why future money worth less (don’t need equation)
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midterme review 361 sp 011 - Test One (75 points) You must...

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