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According to the Mini Cooper Case, How could mini’s sales department use CRM technology to improve its operations?
Customize, make experience personalized, group culture
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According to the Mini Cooper Case, How could analytical CRM be applied to benefit companies like Mini?
They mail a birthday card for your "mini" one year after you bought it
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According to the Mini Cooper Case, how might Mini's business model change if it decreased its investmentsin CRM technology?
The business model would be negatively affected (decrease significantly)
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Define: Personalization (in terms of the Analytical CRM case.)
when a web site knows enough about a persons likes and dislikes that it can fashion offers that are more likely to appeal to that person
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Analytical CRM relies heavily on __________________ and _______________ to glean insights into customer behavior (day-to-day analyze to see how better overall serve customers)
data warehousing and business intelligence
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Data warehousing technologies and business intelligence quickly do what three things to customer information throughout an organization?
- 1. aggregate
- 2. analyze
- 3. disseminate
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Define: Customer Relationship Management (CRM)
involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability
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Organizations can find their most valuable customers through "RFM". What does "RFM" stand for?
Recency, Frequency and Monetary Value
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What is Monetary Value?
How much a customer spends on each purchase.
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What is Frequency?
How frequently a customer purchases items
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What is Recency?
How recently a customer purchased items
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What are the 4 Benefits of CRM?
- 1. Allows a business to identify and target best customers (so they can be retained lifelong customers for greater and more profitable services)
- 2. Makes possible real-time customization and personalization of products and services (based on customer wants, needs, buying habits, and life cycles.
- 3. Can keep track of when a customer contacts the company, regardless of contact point.
- 4. Enables a company to provide a consistent customer experience and superior service and support across all the contact points a customer chooses.
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What are the 4 business benefits of CRM?
- 1. Provides customer-facing employees with a single, complete view of every customer at every touch point
- 2. Provides customers wiht a single complete company view
- 3. Integrates and automates many customer processes
- 4. Creates an IT framework of Web-enabled software and databases that integrates front with back office.
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Over time, in what order do analyzing, predicting and reporting increase business value?
Reporting, Analyzing, Predicting.
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What are the 3 parts of the Evolution of CRM?
Reporting, Analysis, Predicting
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*How much more does it cost to sell to a new customer than an old one?
6 times more
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What is CRM Reporting technology used for and what does it ask?
Customer Identification, asking "what happened?"
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What is CRM analysis technology used for and what does it ask?
Customer segmentation (into catagories such as best and worst customers). "Why it happened?"
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What is CRM Predicting technology used for and what does it ask?
Customer prediction (customer behavior such as which customers are at risk of leaving), "what will happen"
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Define: Operational CRM
Supports traditional transactional processing for day to day front office operations or systems that deal directly with the customers.
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Define: Analytical CRM
Supports the back-office operations and strategic analysis and includes all systems that do not deal directly with the customers
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According the American Cancer Society case, What is one of the three benefits could the ACS gain from using analytical CRM?
- a. Personalize- improved productivity from cancer information specialists, increased donations of time and money as well as stronger relationship with donors.
- b. Provide constituents wiht the best information, act responsible with funds from donors, and make sure there is a dteady of flow of donations coming in.
- c. Benefits=Increased satisfaction and loyalty of constituents
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According the American Cancer Society case, What is one of the three benefits could the ACS gain from using analytical CRM?
- a. Personalize- improved productivity from cancer information
- specialists, increased donations of time and money as well as stronger
- relationship with donors.
- b. Provide constituents wiht the best information, act responsible with
- funds from donors, and make sure there is a dteady of flow of donations
- coming in.
- c. Benefits=Increased satisfaction and loyalty of constituents
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According the American Cancer Society case, What is one of the three benefits could the ACS gain from using analytical CRM?
- a. Personalize- improved productivity from cancer information
- specialists, increased donations of time and money as well as stronger
- relationship with donors.
- b. Provide constituents wiht the best information, act responsible with
- funds from donors, and make sure there is a dteady of flow of donations
- coming in.
- c. Benefits=Increased satisfaction and loyalty of constituents
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What are the three systems that are included unders Front office Operational CRM?
- 1. Sales
- 2. Marketing
- 3. Customer Service
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What are the two sytems included in the Back office Analytical CRM?
- 1. Data warehouse
- 2. Data Mining
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What are the 3 Operational CRM technologies?
- 1. List Generator
- 2. Campaign managment system
- 3. Cross-selling and Up-Selling
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What is a List Generator?
Compiles customer information from a variety of sources and segments the information for different marketing campaigns.
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What do Campaign management systems do?
Guide users through marketing campaigns
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What is Cross-Selling?
Selling additional products or services
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What is Up-Selling?
increasing the value of the sale
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*What is the most important CRM business driver?
Automation/Productivity/efficiency
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*What is the least important CRM driver?
Accessiblity
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CRM is not just a technology it is a ________...
Business strategy, process and business goal that an organization must embrace on an enterprise wide level.
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On what level must CRM be embraced in a company?
Enterprise wide level
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The 4 things that CRM can enable an organization to do are:
- 1. Identify types of customers
- 2. Design individual customer marketing campaigns
- 3. Treat each customer as an individual
- 4. Understand customer buying behaviors
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CRM Success factors include: (5)
- 1. Clearly communicate the CRM strategy
- 2. Define information needs and flows
- 3. Build an integrated view of the customer
- 4. Implement in iterations
- 5. Scalability for organizational growth
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CRM failures include: (3)
- 1. Lack of understanding and preparation
- 2. Rely on CRM to solve business problem without first developing the business process changes and change management programs that are required
- 3. CRM projects implemented wihtout the participation of the busines stakeholders involved.
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* CRM future trends include______.
Collaboration
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What are the 3 current trends of CRM?
- 1. Supplier Relationship Management (SRM)
- 2. Partner Relationship Management (PRM)
- 3. Employee Relationship Management (ERM)
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Define: Supplier Relationship Management (SRM)
focuses on keeping suppliers satisfied by evaluating and categorizing supppliers for different projects, which optimizes supplier selection
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Define: Partner Relationship Management (PRM)
focuses on keeping vendors satisfied by managing alliance partner and reseller relationship that provide customers with the optimal sales channel
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Define: Employee Relationship Management (ERM)
provides employees wiht a subset of CRM applications available through a Web browser
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