Exam 3 Review FL07 - Chapter 9 Three phases in the...

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Ch     apter      9     Three phases in the evolution of CRM o CRM (Customer Relationship Management) involves managing all aspects of a  customer’s relationship with an organization to increase customer loyalty and retention  and an organization’s 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
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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
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