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Using Big Data To Predict Consumer Responses To Promotional Discounts As Part Of Sales Operations Planning
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Book Synopsis Using Big Data to Predict Consumer Responses to Promotional Discounts as Part of Sales & Operations Planning by : Andrew Manikas
Download or read book Using Big Data to Predict Consumer Responses to Promotional Discounts as Part of Sales & Operations Planning written by Andrew Manikas and published by . This book was released on 2017 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: Price promotions (discounts) are a well-known means by which a supply chain can stimulate demand for a product. These promotions could affect demand for a product in three ways by: 1) increasing the overall market growth, 2) stealing market share from competitors, and/or 3) increasing the amount of consumer forward buying. Supply chain members must be able to estimate these effects on demand and the corresponding effects on both revenues and costs when conducting sales and operations planning. We analyzed the effects on demand using a big data approach on promotional data made publicly available by Grupo Bimbo (a multinational bakery product manufacturing company headquartered in Mexico City). This company offered promotional coupons to customers for particular items. Bimbo captured sales history for each customer on how often they shopped, what they bought, and the amount that they spent. Bimbo then tracked how many times during the next year that customers returned to buy the promoted items at full price. Using this data set, we assessed which types of offers were more effective at achieving the goal of increasing repeat purchases at full price. Whether the offer was for a weekend or weekday had no significant effect. However, we found that a larger discount percent was associated with fewer repeat purchases at full price. Further, customers who tended to spend more, on average, per trip had a higher number of repeat purchases for an item.
Book Synopsis Analytics and Dynamic Customer Strategy by : John F. Tanner, Jr.
Download or read book Analytics and Dynamic Customer Strategy written by John F. Tanner, Jr. and published by John Wiley & Sons. This book was released on 2014-06-30 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Key decisions determine the success of big data strategy Dynamic Customer Strategy: Big Profits from Big Data is a comprehensive guide to exploiting big data for both business-to-consumer and business-to-business marketing. This complete guide provides a process for rigorous decision making in navigating the data-driven industry shift, informing marketing practice, and aiding businesses in early adoption. Using data from a five-year study to illustrate important concepts and scenarios along the way, the author speaks directly to marketing and operations professionals who may not necessarily be big data savvy. With expert insight and clear analysis, the book helps eliminate paralysis-by-analysis and optimize decision making for marketing performance. Nearly seventy-five percent of marketers plan to adopt a big data analytics solution within two years, but many are likely to fail. Despite intensive planning, generous spending, and the best intentions, these initiatives will not succeed without a manager at the helm who is capable of handling the nuances of big data projects. This requires a new way of marketing, and a new approach to data. It means applying new models and metrics to brand new consumer behaviors. Dynamic Customer Strategy clarifies the situation, and highlights the key decisions that have the greatest impact on a company's big data plan. Topics include: Applying the elements of Dynamic Customer Strategy Acquiring, mining, and analyzing data Metrics and models for big data utilization Shifting perspective from model to customer Big data is a tremendous opportunity for marketers and may just be the only factor that will allow marketers to keep pace with the changing consumer and thus keep brands relevant at a time of unprecedented choice. But like any tool, it must be wielded with skill and precision. Dynamic Customer Strategy: Big Profits from Big Data helps marketers shape a strategy that works.
Book Synopsis Digital and Social Media Marketing by : Nripendra P. Rana
Download or read book Digital and Social Media Marketing written by Nripendra P. Rana and published by Springer Nature. This book was released on 2019-11-11 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines issues and implications of digital and social media marketing for emerging markets. These markets necessitate substantial adaptations of developed theories and approaches employed in the Western world. The book investigates problems specific to emerging markets, while identifying new theoretical constructs and practical applications of digital marketing. It addresses topics such as electronic word of mouth (eWOM), demographic differences in digital marketing, mobile marketing, search engine advertising, among others. A radical increase in both temporal and geographical reach is empowering consumers to exert influence on brands, products, and services. Information and Communication Technologies (ICTs) and digital media are having a significant impact on the way people communicate and fulfil their socio-economic, emotional and material needs. These technologies are also being harnessed by businesses for various purposes including distribution and selling of goods, retailing of consumer services, customer relationship management, and influencing consumer behaviour by employing digital marketing practices. This book considers this, as it examines the practice and research related to digital and social media marketing.
Book Synopsis Big Data Driven Supply Chain Management by : Nada R. Sanders
Download or read book Big Data Driven Supply Chain Management written by Nada R. Sanders and published by Pearson Education. This book was released on 2014-05-07 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master a complete, five-step roadmap for leveraging Big Data and analytics to gain unprecedented competitive advantage from your supply chain. Using Big Data, pioneers such as Amazon, UPS, and Wal-Mart are gaining unprecedented mastery over their supply chains. They are achieving greater visibility into inventory levels, order fulfillment rates, material and product delivery… using predictive data analytics to match supply with demand; leveraging new planning strengths to optimize their sales channel strategies; optimizing supply chain strategy and competitive priorities; even launching powerful new ventures. Despite these opportunities, many supply chain operations are gaining limited or no value from Big Data. In Big Data Driven Supply Chain Management, Nada Sanders presents a systematic five-step framework for using Big Data in supply chains. You'll learn best practices for segmenting and analyzing customers, defining competitive priorities for each segment, aligning functions behind strategy, dissolving organizational boundaries to sense demand and make better decisions, and choose the right metrics to support all of this. Using these techniques, you can overcome the widespread obstacles to making the most of Big Data in your supply chain — and earn big profits from the data you're already generating. For all executives, managers, and analysts interested in using Big Data technologies to improve supply chain performance.
Book Synopsis Big Data Gathering Predicts Retail Industry Consumer Behavior by : Johnny Ch LOK
Download or read book Big Data Gathering Predicts Retail Industry Consumer Behavior written by Johnny Ch LOK and published by . This book was released on 2018-10-05 with total page 769 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discuss the relationship between (AI) digital mobile advertising and other elements of the promotion in campaign planning.Mobile advertisement defines as the use of the mobile medium, it is as a communications and entertainment channel between a brand and an end user. In basic terms, it is the process of planning and execution conception, pricing, promotion and distribution of products and services through the mobile channel. Advertising is a form of communication intended to convince an audience ( viewers, readers or listeners) to purchase or take some action upon products, information or services etc. The relationship between independent variables elements and mobile advertising which are environmental response and emotional response with behavioral aspect of consumer buying behavior with mobile advertising. It is time that people purchase those brands with which who are emotionally attached elements. Almost every one grows up in the world which is flooded with the mass media, e.g. television, films, videos, magazines, movies advertising and internet channel is either mobile advertising or computer advertising. Advertising is a subset of promotion mix which is one of the 4'p in the marketing mix, i.e. product, price, place and promotion. As a promotional strategy, advertising serve as a major tool in creating product awareness in the mind of a potential consumer to take eventual purchase decision. Advertising, sales promotion and public relations are mass communication tools available to marketers. Telecommunication technology, such as mobile advertising enables business and industry to grow at a faster pace when contributing to the economic development and at the same time telecommunication infrastructure can be reliable. Cellular phone industry has been one of the profitable businesses in Asian. The country's growing population and huge demand potential have always been an attraction for many high-technological multinational companies. Societies used symbols and pictorial signs to attract their produce users. There elements were used for promotion of products. A company can't make dream to be a well known brand until which invests in their promotional activities for which consumer market have been dominating through advertisements. As the primary mission of advertiser is to reach prospective customers and influence their awareness, attitudes and buying behavior.
Book Synopsis Learning Big Data Gathering to Predict Retail and Service Industry Consumer Behavior by : Johnny Ch Lok
Download or read book Learning Big Data Gathering to Predict Retail and Service Industry Consumer Behavior written by Johnny Ch Lok and published by Independently Published. This book was released on 2018-10-08 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part Four Retail industry big data gathering case studiesChapter FiveAPPLYING (AI) to business environment5.1Why environment protection product businessmen need to concern what the degree of quality of life to their potential buyers by (AI) marketing research survey method?Why environment protection product businessmen need to concern what the degree of quality of life to their potential buyers. Because if the potential buyers felt whose quality of life is good, so who will fell air or water pollution is not serious to influence whose health. Then, who will not have more needs to choose to buy any environmental protection products. Otherwise, if the potential buyers felt whose quality of life is bad, so who will feel air and water pollution is serious to influence whose health, . Then, who will have more needs to choose to buy any environmental protection products. Some researchers have showed that human rights to identify the factors that need to be included in a quality of life measure. But, even if accepted as a starting point, that still does not point to clear to indicators or how which are to be weighted. So, a technocratic and unsatisfying device that is sometimes used is to resort to " expert opinion." So, it implies that if the country had any environment scientists prove the country's air and water pollution is serious, then the environment scientists' opinions will be possible to influence the country's citizen consider to attend to buy any environmental protection products to protect those health.I suggest environment protection products firms can use surveys methods to enquire whose country's citizen ideas concerning their feeling of quality of life. How to use life satisfaction surveys to measure human quality of life? Some researchers had been carrying on researching a methodologically improved and more comprehensive measure of qualify of life satisfaction surveys. Surveys of life satisfaction is as opposed to surveys of the related concept of happiness, are preferred for a number of reasons, such as GDP statistic method. These surveys ask people the simple question of how satisfied who are with their lives in general. A typical question is on the four point scale used to the surveys studies. For example, on the whole are you very satisfied, fairly satisfied, not vey satisfied, or not at all satisfied with the life you lead? The results of the surveys have been attracting growing interest in recent years. Despite a range of early criticism, such as cultural non-comparability, the effect of language differences across countries, psychological factors distorting responses, tests have disproved as migitated most concerns. One objection is that responses to surveys don't adequately reflect how people really feel about their life. However, responses to questions about life satisfaction tend to be promoted, non-response rates are very low. This simple measure of life satisfaction has been found to correlate highly with more sophisticated test ratings by others who know the individual, and behavioral measures. The survey results have on the whole proved far more reliable and information then might be expected to measure quality of life.
Book Synopsis Artificial Intelligent Big Data Tool Predicts Retail and Service Industry Consumer Behavior by : Johnny Ch LOK
Download or read book Artificial Intelligent Big Data Tool Predicts Retail and Service Industry Consumer Behavior written by Johnny Ch LOK and published by . This book was released on 2018-10-10 with total page 697 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the future, (AI) will bring their benefits to influence customers to build positive emotions to any retailers in these aspects as below:1.Future (AI) big data gather tool will be an area of compute science that deals with giving machines , the ability to seem like they have human intelligence. In short, it is the power of a machine to copy intelligent human behavior. For examaple, machine learning algorithms are being integrated into analytics and customer relationship management platforms to uncover information on how to better serve customers, chat bots have been incorporated into websites to provide immediate service to customers.2.(AI) adoption continue to rise with chat bots taking the lead. Due to increasing ease of deployment , instant availability and improved quality, chat bots will become more and more common to manage customer service queries and to make intelligent purchase recommendations. Also, retailers can engage this kind of technology to answer continue questions and supplement customer support with chat-based shopping experience. So, (AI) and declines personalized, customized and localized experiences to customers. (AI) will be applied across the entire retail product and service cycle, firm manufacturing to post-sale customer service interactions. Hence, retailers can use (AI) to its fullest potential will be also to influence purchases in the moment and anticipate future purchases, guiding shoppers towards the right products in a regular and highly personalized manner.3.(AI) technology can rise the conscious customers. Customers are demanding an increased interest in the ethical practice of the brands they buy from. Todays, customers have a well-developed sense of what is solely intended to drive sales. This has lead to a rise in consumers ho make values based judgements about what to buy and where to shop. These consumers believe their purchase habits have an impact on the world. To win customers, retailers need have good conscious to predict consumers' desire. Future, (AI) data gather technology will be a good consumer behavior predictive tool to predict about for years will now become customer expectations and will have drastically changed the path to purchase. So, (AI) data gather tool is the predictive consumer expectations tool on every interaction, they have these brands.4.Future (AI) can be impacted to influence consumer behaviors by its potential to free up time, enhance, quality, and enhance personalization. The industries include: Healthcare industry can apply (AI) to support diagnosis by detecting variations in patient data, early identification of potential pandemics, imaging diagnostics; automat industry can apply (AI) to autonomous fleets to ride sharing, semi-autonomous features, such as driver assist, engine monitoring and predictive, autonomous maintenance; financial service industry can apply (AI) to design the suitable personalized financial planning, fraud detection and anti-money laundering and automation of customer operation; transportation and logistics industry can apply (AI) to autonomous trucking and delivery, traffic control and reduced congestion and enhanced security; technology, media and telecommunications industry can apply (AI) to search media, and recommendation, customized content creation and personalized marketing and advertising to attract retailers to promote; retail and consumer industry can apply (AI) to design personalized production, anticipating customer demand, , inventory and delivery management; energy industry can apply (AI) to read and record smart metering , more efficient grid operation and storage and predictive maintenance; manufacturing industry can apply (AI) to enhance monitoring and auto-correction of processes, supply chain and production optimization and on-demand production.
Book Synopsis Past Price and Trend Effects in Promotion Planning; from Prediction to Prescription by : Tamar Cohen-Hillel
Download or read book Past Price and Trend Effects in Promotion Planning; from Prediction to Prescription written by Tamar Cohen-Hillel and published by . This book was released on 2020 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sales promotions are a popular type of marketing strategy. When undertaking a sales promotion, products are promoted using short-term price reductions to stimulate their demand and increase their sales. These sales promotions are widely used in practice by retailers. When undertaking a sales promotion, retailers must take into consideration both the direct and indirect effects of price promotions on consumers, and as a result, on the demand. In this thesis, we consider the impact of two of these indirect effects on the planning process of promotions. First, we consider the problem of the promotion planning process for fast-moving consumer goods. The main challenge when considering the promotion planning problem for fast-moving consumer goods is the negative indirect effect of promotions on future sales. While temporary price reductions substantially increase demand, in the following periods after a temporary price reduction, retailers observe a slowdown in sales. To capture this post promotion slowdown, we suggest a new set of past prices (namely, the last seen as well as the minimum price seen within a limited number of past periods) as features in the demand model. We refer to demand models that use this set of past prices as Bounded Memory Peak-End models. When tested on realworld data, our suggested demand model improved the estimation quality relative to a traditional estimation approach through a relative improvement in WMAPE by approximately 1 − 19%. In addition to the improvement in prediction accuracy, we analyze the sensitivity of our proposed Bounded Memory Peak-End demand model to demand misspecification. Through statistical analysis, and using principles from duality theory, we establish that even in the face of demand misspecification, the proposed Bounded Memory Peak-End model can capture the demand with provably low estimation error, and with low impact on the resulting optimal pricing policy. The structure of the new proposed demand model allows us to derive fast algorithms that can find the optimal solution to the problem of promotion planning for a single item. For the case of promotion planning for multiple items, although we show that the problem is NP-hard in the strong sense, we propose a Polynomial Time Approximation Scheme that can solve the problem efficiently. Overall, we show that using our proposed approach, the retailer can obtain an increase of 4 − 15.6% in profit compared to current practice. Second, we consider the promotion targeting problem for trendy commodities. In the case of trendy commodities, the demand is driven, among other factors, by social trends. Examples of trendy commodities include fashion items, wearable electronics, and smartphones. To capture the demand with high accuracy, retailers must understand how the purchasing behavior of customers can impact the future purchasing behavior of other customers. Social media can be instrumental in learning how consumers can impose trends on one another. Unfortunately, many retailers are unable to obtain this information due to high costs and privacy issues. This has motivated us to develop a model that detects customer relationships based only on transaction data history. Incorporating the customer to customer trend in the demand estimation, we observe a significant improvement of 12% in the WMAPE forecasting metric. The proposed customer to customer trend-based demand model subsequently allows us to formulate the promotion targeting optimization problem in a way that consider the indirect effect of targeted promotions through trends. We show that the problem of finding the personalized promotion policy that would maximize the profit function is NP-hard. Nonetheless, we introduce an adaptive greedy algorithm that is intuitive to implement and can find a provably near-optimal personalized promotion policy. We tested our approach on Oracle data and observed a 5−12% improvement in terms of profit.
Book Synopsis Big Data Gathering Can Predict by : Johnny Ch LOK
Download or read book Big Data Gathering Can Predict written by Johnny Ch LOK and published by . This book was released on 2019-01-02 with total page 567 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter sixMain barriers influence artificial intelligence consumer behavioral predictionIn future, it is possible that these barriers will influence how to apply (AI technology) to predict consumer behavior in success. The barriers may include: Lacking of a (AI) digital data gathering vision and strategy, lacking of efficient workforce readiness, (AI) technology constraints., non reaching (AI) consumer behavioral prediction mature stage, time and money and resource constraints, law and regulations prohibition to develop (AI) consumer behavioral prediction bug data gather technology.However, the recommendation of solutions to attack the barriers to influence artificial intelligence consumer behavioral prediction not success, it may include gaining employee buy in to participate and develop (AI) consumer behavioral prediction technology, making customer experience to a concern (AI) big data gather questionnaire investigation, providing compensation, training to employees in order to achieve (AI) consumer behavioral big data questionnaire investigation research digital technological goals and strategy, task senior leaders manage any (AI) digital big data gather technology changes, putting policies and (AI) big data gather digital technology in place to support a fully remote, flexible workforce in any (AI) digital big data gather questionnaires research projects, teaching all employees how to code/understand (AI) big data gather consumer behavioral prediction software development, appointing a chief (AI) officer to manage any (AI) big data gather customer behavioral prediction projects and automate everything and encourage customers to attempt experience to self-service and (AI) big data gather questionnaire research to earn beneficial consumption aim after they gave feedback to any (AI) digital questionnaire researches. So, in the future, the (AI) digital big data questionnaire researches can include these industries surveyed, such as automat m financial services, public healthcare, private healthcare, technology, telecoms, insurance, life sciences, manufacturing, media and entertainment , oil and gas, retail and consumer products etc. Hence, in the future, any of these industries can attempt to apply (AI) digital big data gather technology to predict how and why consumer behaviors will change in order to avoid reducing consumer number threat occurrence.6.1(AI) digital data gather technology predicts food consumer behavior's main barriersWhat are the main barriers to food industry? When the food manufacturer applies (AI) big data gather technology to predict food consumer behavior? The barriers include that the food manufacturer / provider needs to decide whether when the right time is applied to the right (AI) digital big data prediction tool channel to find the right food consumers to be chose to full food consumption satisfactory questionnaires, how to gather multi-class food consumption classifiers on real-world food consumers transactional data from the food sale domain consistently to show the critical numbers of different kinds of food items at which the predictive performance most accurate? So, any food manufacturer / provider's advanced in (AI) digital data gather warehousing and management technologies can provide that opportunities for food business to enhance long term relationship with the food providers' clients. However, food industry's (AI) digital data gather aims to improve food customer product targeting, increase food customer loyalty and food purchase probability to the food supplier. To effective identify, understand and satisfy the needs of their food customers, the food suppliers need to develop the right (AI) digital questionnaire questions and find the right food customers to fill every right questions from every digital questionnaire at the right time through the right channel.
Book Synopsis Bulletin of the Atomic Scientists by :
Download or read book Bulletin of the Atomic Scientists written by and published by . This book was released on 1953-05 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bulletin of the Atomic Scientists is the premier public resource on scientific and technological developments that impact global security. Founded by Manhattan Project Scientists, the Bulletin's iconic "Doomsday Clock" stimulates solutions for a safer world.
Book Synopsis Predictive Marketing by : Omer Artun
Download or read book Predictive Marketing written by Omer Artun and published by John Wiley & Sons. This book was released on 2015-08-06 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Make personalized marketing a reality with this practical guide to predictive analytics Predictive Marketing is a predictive analytics primer for organizations large and small, offering practical tips and actionable strategies for implementing more personalized marketing immediately. The marketing paradigm is changing, and this book provides a blueprint for navigating the transition from creative- to data-driven marketing, from one-size-fits-all to one-on-one, and from marketing campaigns to real-time customer experiences. You'll learn how to use machine-learning technologies to improve customer acquisition and customer growth, and how to identify and re-engage at-risk or lapsed customers by implementing an easy, automated approach to predictive analytics. Much more than just theory and testament to the power of personalized marketing, this book focuses on action, helping you understand and actually begin using this revolutionary approach to the customer experience. Predictive analytics can finally make personalized marketing a reality. For the first time, predictive marketing is accessible to all marketers, not just those at large corporations — in fact, many smaller organizations are leapfrogging their larger counterparts with innovative programs. This book shows you how to bring predictive analytics to your organization, with actionable guidance that get you started today. Implement predictive marketing at any size organization Deliver a more personalized marketing experience Automate predictive analytics with machine learning technology Base marketing decisions on concrete data rather than unproven ideas Marketers have long been talking about delivering personalized experiences across channels. All marketers want to deliver happiness, but most still employ a one-size-fits-all approach. Predictive Marketing provides the information and insight you need to lift your organization out of the campaign rut and into the rarefied atmosphere of a truly personalized customer experience.
Book Synopsis Big Data, Analytics, and the Future of Marketing and Sales by : Mckinsey Chief Marketing & Sales Officer Forum
Download or read book Big Data, Analytics, and the Future of Marketing and Sales written by Mckinsey Chief Marketing & Sales Officer Forum and published by Createspace Independent Pub. This book was released on 2014-08-02 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Big Data is the biggest game-changing opportunity for marketing and sales since the Internet went mainstream almost 20 years ago. The data big bang has unleashed torrents of terabytes about everything from customer behaviors to weather patterns to demographic consumer shifts in emerging markets. This collection of articles, videos, interviews, and slideshares highlights the most important lessons for companies looking to turn data into above-market growth: Using analytics to identify valuable business opportunities from the data to drive decisions and improve marketing return on investment (MROI) Turning those insights into well-designed products and offers that delight customers Delivering those products and offers effectively to the marketplace.The goldmine of data represents a pivot-point moment for marketing and sales leaders. Companies that inject big data and analytics into their operations show productivity rates and profitability that are 5 percent to 6 percent higher than those of their peers. That's an advantage no company can afford to ignore.
Download or read book Network World written by and published by . This book was released on 1992-08-10 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: For more than 20 years, Network World has been the premier provider of information, intelligence and insight for network and IT executives responsible for the digital nervous systems of large organizations. Readers are responsible for designing, implementing and managing the voice, data and video systems their companies use to support everything from business critical applications to employee collaboration and electronic commerce.
Download or read book Quill & Quire written by and published by . This book was released on 1995 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Black Enterprise written by and published by . This book was released on 1994-11 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: BLACK ENTERPRISE is the ultimate source for wealth creation for African American professionals, entrepreneurs and corporate executives. Every month, BLACK ENTERPRISE delivers timely, useful information on careers, small business and personal finance.
Book Synopsis Bulletin of the Atomic Scientists by :
Download or read book Bulletin of the Atomic Scientists written by and published by . This book was released on 1955-04 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bulletin of the Atomic Scientists is the premier public resource on scientific and technological developments that impact global security. Founded by Manhattan Project Scientists, the Bulletin's iconic "Doomsday Clock" stimulates solutions for a safer world.
Download or read book The New York Times Index written by and published by . This book was released on 2007 with total page 1876 pages. Available in PDF, EPUB and Kindle. Book excerpt:
