To overcome such problems many companies are now turning to customer

To overcome such problems many companies are now

This preview shows page 14 - 16 out of 20 pages.

To overcome such problems, many companies are now turning to customer relationship management (CRM) to manage detailed information about individual customers and carefully manage customer touch points to maximize customer loyalty. CRM consists of sophisticated software and analytical tools from companies such as Salesforce.com, Oracle, Microsoft, and SAS that integrate customer information from all sources, analyze it in depth, and apply the results to build stronger customer relationships. CRM integrates everything that a company’s sales, service, and marketing teams know about individual customers, providing a 360-degree view of the customer relationship. CRM analysts develop data warehouses and use sophisticated data mining techniques to unearth the riches hidden in customer data. A data warehouse is a company-wide electronic database of finely detailed customer information that needs to be sifted through for gems. The purpose of a data warehouse is not only to gather information but also to pull it together into a central, accessible location. Then, once the data warehouse brings the data together, the company
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uses high-powered data mining techniques to sift through the mounds of data and dig out interesting findings about customers. These findings often lead to marketing opportunities. Question 5 Neuromarketing is a way to measure brain activity to learn how consumers feel and respond. Marketing scientists using MRI scans and EEG devices have learned that tracking brain electrical activity and blood flow can provide companies with insights into what turns consumers on and off regarding their brands and marketing. Neuromarketing has been used to test commercials, product designs, and packaging. Although neuromarketing techniques can measure consumer involvement and emotional responses second by second, such brain responses can be difficult to interpret. Thus, neuromarketing is usually used in combination with other research approaches to gain a more complete picture of what goes on inside consumers’ heads. Question 6 International marketing researchers follow the same steps as domestic researchers, from defining the research problem and developing a research plan to interpreting and reporting the results. However, these researchers often face more and different problems. Whereas domestic researchers deal with fairly homogeneous markets within a single country, international researchers deal with diverse markets in many different countries that often vary greatly in their levels of economic development, cultures and customs, and buying patterns. International researchers also may have a difficult time finding good secondary data as many countries have almost no research services at all. Even when secondary information is available, it usually must be obtained from many different sources on a country-by-country basis, making it difficult to combine or compare information. Thus, international researchers often must collect their own primary data, which also is fraught with problems (e.g., adequate samples, collecting data, cultural differences, translation
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