Exam 3 Review FL07

Exam 3 Review FL07 - Ch apter 9 Three phases in the...

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Unformatted text preview: Ch apter 9 Three phases in the evolution of CRM o CRM (Customer Relationship Management) involves managing all aspects of a customers relationship with an organization to increase customer loyalty and retention and an organizations profitability. o CRM enables an organization to: Provide better customer service Make call centers more efficient Cross sell products more effectively Help sales staff close deals faster Simplify marketing and sales processes Discover new customers Increase customer revenues o Three phases: CRM reporting technologies help organizations identify their customers across other applications CRM analyzing technologies help organizations segment their customers into categories such as best and worst customers CRM predicting technologies help organizations make predictions regarding customer behavior such as which customers are at risk of leaving RFM analysis o RFM Recency, Frequency, and Monetary value o How recently a customer purchased items o How frequently a customer purchased items o How much a customer spends on each purchase Operational vs. analytical CRM o Operational CRM supports traditional transactional processing for day-to-day front office operations or systems that deal directly with the customers o Analytical CRM supports back office operations and strategic analysis and includes all systems that do not deal directly with the customers. Operational CRM-marketing, sales, customer service and components of each o Marketing List generator compiles customer information from a variety of sources and segments the information for different marketing campaigns Campaign management guides users through marketing campaigns performing such tasks as campaign definition, planning, scheduling, segmentation, and success analysis Cross-selling selling additional products or services to a customer Up-selling increasing the value of a sale o Sales Sales management automates each phase of the sales process, helping individual sales representatives coordinate and organize all of their accounts Contact management maintains customer contact information and identifies prospective customers for future sales Opportunity management targets sales opportunities by finding new customers or companies for future sales o Customer service Contact center (call center) customer service representatives (CSRs) answer customer inquiries and respond to problems through a number of different customer touch-points Web-based self-service allows customers to use the Web to find answers to their...
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This note was uploaded on 03/09/2008 for the course BIS 111 taught by Professor Nayar during the Fall '07 term at Lehigh University .

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Exam 3 Review FL07 - Ch apter 9 Three phases in the...

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