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Assignment Customer Analytics

Added on - 20 Sep 2019

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Running head: CUSTOMER ANALYTICSRESEARCH SKILLS ANDPRINCIPALS[Document subtitle][DATE][COMPANY NAME][Company address]
1CUSTOMER ANALYTICSTable of ContentsIntroduction......................................................................................................................................2Research Objective......................................................................................................................3Research Question........................................................................................................................3Critical Evaluation of Literature......................................................................................................3Research Methodology....................................................................................................................5Elements of Research Design......................................................................................................5Research Methodology....................................................................................................................5Research Design...........................................................................................................................5Methods of Data Collection.........................................................................................................6Secondary Method for Data Collection.......................................................................................6Primary Method for Data Collection...........................................................................................6Procedure for Data Collection......................................................................................................6Sampling Method.........................................................................................................................6Sample Size..................................................................................................................................7Research Limitations....................................................................................................................7Issues of Access and Ethics.............................................................................................................7Reflection on Potential Outcomes...................................................................................................8Enabling Skills and Knowledge in Customer Analytics..............................................................8Updating Skills and Knowledge in tools of Analytic Software...................................................8Conclusion.......................................................................................................................................9References and Bibliography.........................................................................................................10
2CUSTOMER ANALYTICSIntroductionThe companies today are able to make the effective, timely and accurate decisions at every level:strategic, tactical and operational for addressing the priorities and preferences of the customer inlargely competitive market. Moving upward, the companies in almost all the industries aroundthe world have initiated to use advanced customer analytics for analyzing their data which isboth unstructured and structured, which combines information over future actions that areprojected, present events and past circumstances (Adomavicius, et al., 2005). By incorporation ofthe advanced customer analytics in the daily operations and activities, the organizations are ableto gain the control on the decisions which they are making to successfully achieve theirobjectives and goals of the business. The customer analytics driven information data analysispermit the enterprises for having an aggregate or a view of 360 degree of their customers andoperations. The insights which they earn from these analysis is used them for automating,optimizing and directing their making of decisions. It gives the results where there is successful;attainment of particular goals of the organization, whether they are linked to an enhancement inthe cross ell generation of revenue, a lowered service cost or production cost, a lowered behaviorwhich is fraudulent and an enhancement in response rates for promotional campaigns. Customeranalytics is defined as term which means application of different techniques of customeranalytics to data for answering the questions or resolving the problem. It cannot be considered asa technology but a group of equipment or tool which is used with another tool for getting theinformation, doing analysis of that information and predicting the results of the solutions of thatproblems. Data mining and data integration are basis for the customer analytics. The more theinformation can be integrated and gathered, the better recognition of pattern and identificationfor relationship is analyzed (Apte, et al., 2003). Analysis by making use of statistics is yet
3CUSTOMER ANALYTICSanother very significant tool for assessing the patterns and trends of data. The other techniquesthat used for manipulating the data involves fuzzy logic which is used for dealing withambiguous or incomplete data as well as the neural network for anticipating the decisions nsassist in the predictive analytics that helps for predicting the likely results.Research ObjectiveTo get an insight into the Customer analytics, its advantages, implementations anddisadvantages.To assess the issues which are related to its efficient management and implementationwithin broader context.Research QuestionThe research question formulated for this research paper is to analyze the Customer analytics interms of its effective implementation.Critical Evaluation of LiteratureAll through the history, the experts of marketing field have developed means to enhance theirability to identify properly more sober differentiations among target market. The emergence ofinternet technology have offered the marketers in the organizations a better tool to segment themarket and recognize their target as compared to earlier times. Proper segmentation is able todisperse information. Segmentation is defined as compression of information. It is not useful as itgives the information regarding significant attributes of customers (Germann, et al., 2014). Theemergence of social media and internet as well as latest opportunities for data collection allow alook into the minds and heart of the customers so often as compared to any collection of databefore. The organizations have responsibility towards taking care of the customers by havingfocus on the attention to keep and win the customers. The company affords the opportunity on itsown for taking a long term approach for customer retention and customer engagement. Coining
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