Customer Knowledge
Inventory management can be fine-tuned to respond to customer’s needs. As a marketer learns more about a customer they begin to observe trends in how and when purchases are made. Combining customer knowledge with forecasting techniques allows the marketer to better estimate product demand and inventory requirements. As we discussed in the What is Marketing? tutorial, the key to understanding customers is to have in place a customer relationship management (CRM) system that tracks all customer activity and allows for data mining activities that analyze customer information in order to identify patterns in customer activity.
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