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Definition
-Identify the proportion in the population
-Find the proportion in the data
-Multiply either variable by “weighting factor” to match proportion |
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Match the proportion in your data to proportion in the population…on an important attribute
-Variance
-Saliance |
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| what is marketing metrics? |
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Definition
| An additional kind of decision making information |
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Definition
...the voice of the customer
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T/F: Metrics are internal diagnostics
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Definition
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Integrates various disciplines around shared “truths”
just the beginning of good decisions... |
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| marketing metrics must be put into context... |
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Definition
how is it measured?
when? |
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| marketing metrics is evaluated against... |
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Definition
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| marketing metrics can compliment... |
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Definition
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| Like in research method bias (business discipline) marketing metrics... |
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Definition
| ...will often determine metric used |
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Like in research triangulation, marketing metrics...
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Definition
| ...is usually the key to surrounding the truth |
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| Mastering marketing metric terminology will... |
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Definition
| ...improve your entry-level job prospects |
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Term
Two ways to look at profitability...
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Definition
1) Corporate profitability
2) Customer lifetime value
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Term
“The ultimate goal is to develop highly committed customers who not only make repeat purchases and generate revenue streams, but also require minimal maintenance along the way.” (You know how)
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| Corporate Profitability = |
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Definition
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Term
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Definition
-Total expected value of 1 customer during lifetime minus acquisition costs…discounted
-Customers segmented based on CLV…different needs, different treatment
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