ITM Final CRM

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jlkpeeps
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54372
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ITM Final CRM
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2010-12-08 18:12:21
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ITM
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ITM notecards! CRM
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  1. 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
  2. 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
  3. 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)
  4. 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
  5. 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
  6. Data warehousing technologies and business intelligence quickly do what three things to customer information throughout an organization?
    • 1. aggregate
    • 2. analyze
    • 3. disseminate
  7. 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
  8. Organizations can find their most valuable customers through "RFM". What does "RFM" stand for?
    Recency, Frequency and Monetary Value
  9. What is Monetary Value?
    How much a customer spends on each purchase.
  10. What is Frequency?
    How frequently a customer purchases items
  11. What is Recency?
    How recently a customer purchased items
  12. 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.
  13. 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.
  14. Over time, in what order do analyzing, predicting and reporting increase business value?
    Reporting, Analyzing, Predicting.
  15. What are the 3 parts of the Evolution of CRM?
    Reporting, Analysis, Predicting
  16. *How much more does it cost to sell to a new customer than an old one?
    6 times more
  17. What is CRM Reporting technology used for and what does it ask?
    Customer Identification, asking "what happened?"
  18. 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?"
  19. 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"
  20. Define: Operational CRM
    Supports traditional transactional processing for day to day front office operations or systems that deal directly with the customers.
  21. Define: Analytical CRM
    Supports the back-office operations and strategic analysis and includes all systems that do not deal directly with the customers
  22. 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
  23. 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
  24. 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
  25. What are the three systems that are included unders Front office Operational CRM?
    • 1. Sales
    • 2. Marketing
    • 3. Customer Service
  26. What are the two sytems included in the Back office Analytical CRM?
    • 1. Data warehouse
    • 2. Data Mining
  27. What are the 3 Operational CRM technologies?
    • 1. List Generator
    • 2. Campaign managment system
    • 3. Cross-selling and Up-Selling
  28. What is a List Generator?
    Compiles customer information from a variety of sources and segments the information for different marketing campaigns.
  29. What do Campaign management systems do?
    Guide users through marketing campaigns
  30. What is Cross-Selling?
    Selling additional products or services
  31. What is Up-Selling?
    increasing the value of the sale
  32. *What is the most important CRM business driver?
    Automation/Productivity/efficiency
  33. *What is the least important CRM driver?
    Accessiblity
  34. 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.
  35. On what level must CRM be embraced in a company?
    Enterprise wide level
  36. 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
  37. 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
  38. 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.
  39. * CRM future trends include______.
    Collaboration
  40. What are the 3 current trends of CRM?
    • 1. Supplier Relationship Management (SRM)
    • 2. Partner Relationship Management (PRM)
    • 3. Employee Relationship Management (ERM)
  41. Define: Supplier Relationship Management (SRM)
    focuses on keeping suppliers satisfied by evaluating and categorizing supppliers for different projects, which optimizes supplier selection
  42. 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
  43. Define: Employee Relationship Management (ERM)
    provides employees wiht a subset of CRM applications available through a Web browser

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