Case Study 1:First Tennessee
Questions
1. Based on the case study,the First Tennessee Bank's issue was a lack of creativity in their marketing
strategies and ineffective use of big data.The evidence that will support the claim that their marketing
tactics are incompetent was a rise in marketing expenditure but inability to simultaneously achieve a
high return on investment, as well as the fact that their marketing approach focused on the company's
goods and services rather than prioritizing the development of the customer First Tennessee Bank
relationship. As a result, they were initially unable to utilize their marketing efforts since they neglected
to leverage their existing data to learn more about the company's clients and target market.
Nonetheless the applicant for Chief Marketing Officer led his team in using predictive analytics to solved
the company's difficulties. Then comes data collection. In this scenario, data was acquired via the scoring
process, allowing marketers to anticipate the possibility of a consumer acquiring a certain
product/service from First Tennessee Bank. Those collected data will be analyzed statistically later on.
The decision making process also includes modelling and deployment. We believe that Mark's team
were able to monitor well the actions that they made. Predictive analytics helps them to see or predict
what will happen to the future. Also it helps the company fulfill it's goal which is to earn profit while
connecting to their customers.
2. The predictors that were utilized for the predictive analytics model include predictive analytics, which
according to the article is a mix of knowing the demands of consumers as well as recognizing the
programs and services that are more likely to create a high return on investment or profit. As a
consequence of using consumer demands data and the company's profit and loss data as predictors, the
response rate increased and marketing expenses were reduced.
3. According to the case analysis, Dan Marks has all the hallmarks of a "number man" on his way to
become the Chief Marketing Officer of First Tennessee Bank. There's the natural sense of skepticism and
the desire to see the proof in the data that comes with being the analytical type. Do bank marketers
have a distinct style of thinking or seeing the world? Marks confirms his belief, but with a stipulation.
"Marketing folks at banks are exceptional at recognizing opportunities and envisioning new concepts".
Marks says. "However, in today's banking environment, it's becoming increasingly vital to analyze them
critically inorder to determine where it makes the most sense to spend the bank's resources" Marks'
vision extended beyond budgets to the core of First Tennessee's marketing operations, with
comprehensive measurements and analytics serving as the foundation for improvement. "Our goal was
to transform the thinking from marketing as an expenditure to marketing as a meaningful profit
generator."
Questions
1. Based on the case study,the First Tennessee Bank's issue was a lack of creativity in their marketing
strategies and ineffective use of big data.The evidence that will support the claim that their marketing
tactics are incompetent was a rise in marketing expenditure but inability to simultaneously achieve a
high return on investment, as well as the fact that their marketing approach focused on the company's
goods and services rather than prioritizing the development of the customer First Tennessee Bank
relationship. As a result, they were initially unable to utilize their marketing efforts since they neglected
to leverage their existing data to learn more about the company's clients and target market.
Nonetheless the applicant for Chief Marketing Officer led his team in using predictive analytics to solved
the company's difficulties. Then comes data collection. In this scenario, data was acquired via the scoring
process, allowing marketers to anticipate the possibility of a consumer acquiring a certain
product/service from First Tennessee Bank. Those collected data will be analyzed statistically later on.
The decision making process also includes modelling and deployment. We believe that Mark's team
were able to monitor well the actions that they made. Predictive analytics helps them to see or predict
what will happen to the future. Also it helps the company fulfill it's goal which is to earn profit while
connecting to their customers.
2. The predictors that were utilized for the predictive analytics model include predictive analytics, which
according to the article is a mix of knowing the demands of consumers as well as recognizing the
programs and services that are more likely to create a high return on investment or profit. As a
consequence of using consumer demands data and the company's profit and loss data as predictors, the
response rate increased and marketing expenses were reduced.
3. According to the case analysis, Dan Marks has all the hallmarks of a "number man" on his way to
become the Chief Marketing Officer of First Tennessee Bank. There's the natural sense of skepticism and
the desire to see the proof in the data that comes with being the analytical type. Do bank marketers
have a distinct style of thinking or seeing the world? Marks confirms his belief, but with a stipulation.
"Marketing folks at banks are exceptional at recognizing opportunities and envisioning new concepts".
Marks says. "However, in today's banking environment, it's becoming increasingly vital to analyze them
critically inorder to determine where it makes the most sense to spend the bank's resources" Marks'
vision extended beyond budgets to the core of First Tennessee's marketing operations, with
comprehensive measurements and analytics serving as the foundation for improvement. "Our goal was
to transform the thinking from marketing as an expenditure to marketing as a meaningful profit
generator."
