Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CRM > 01. CRM Definition > Flashcards

01. CRM Definition Flashcards

1
Q

What is the biggest revenue-driver for a company?

A

Customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Why is CRM important?

A
  • How you treat your customers goes a long way to determining your future profitability.
  • Customers are smarter about the service they should be getting and are voting with their wallets.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the currency of success in the 21st century marketplace?

A

Customer information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Which power shift is wel underway?

A

Power shift from producer to customer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

How is the new power shift made possible?

A
  • By the capability to use the Internet to learn about individual buying patterns

and

  • to customize offerings that delight the customer.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the competitive advantage of the Information Age and is the bottom-line for market leadership?

A

Successful customer relationship management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is CRM about?

A

It’s about giving customers what they want, when, where, and how they want it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the ultimate prize of the 21st century business?

A

Owning the customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How will Internet Age companies position themselves?

A
  • Instead of owning the product and pushing it to market segments,
  • Internet Age companies will seek to position themselves directly in the path of empowered customers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Who holds the power?

A

The informed customer holds the power in the marketplace, determining what is to be made, when, where and at what cost.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What does a customer want?

A
  • Customers want complete care throughout the consumption life cycle, not just the buying transaction.
  • They demand the best deal, the best service and solution-centered support.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is mass customization about?

A

It is about turning a company, and its entire value chain, over to the command and control of the customer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What’s the difference between the Industrial Age & the Customer Age?

A
  • The Industrial Age was about mass production,
  • The Customer Age is about mass customization.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Customer relationship management is…

A
  • a business strategy to select and manage
  • the most valuable customer relationships.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How is CRM achieved?

A

By putting the customer in control by providing self-service and solution-centered support.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Why does companies segment customer behavior to one-to-one relationships?

A

To individualize goods and services, with the purpose to earn customer loyalty to gain a lifetime of business.

17
Q

What meant customer care historically?

A

Responding to customer questions and problems via a company’s tollfree number - the callcenter.

18
Q

How is the historically customer care changed?

A

Virtually every area of customer service can be handled via the Internet. Customers can ask questions via email, search support databases for similar problems or questions and get product information via the Web.

19
Q

What are some areas of customer service?

A
  • Information
  • Support
  • Maintenance
  • Warrantees
  • Upgrades and status
20
Q

What is the main advantage of the Web in customer service?

A

While the Web cannot totally replace the phone and face-to-face communication with customers, it can strengthen these and all customer ‘touch points’.

21
Q

What is a touch point?

A

The point of contact, esp. when products come into contact with a customer.

22
Q

What has the Pareto Principle to do with CRM?

A

Customer relationships are assets that require investment in order to reach full potential. The enterprise must determine which relationships are worth the investment and how to get the highest return from each one. Customers with the highest potential to perform should receive the most attention.

23
Q

Give examples of a CRM-minded website?

A
  • The Ford-Car configurator
  • Personalize your shoe from Nike
  • Personalize your lego
24
Q

What does CRM technology enables?

A

It enables a systematic way of managing customer relationships on a larger scale. In essence, effective customer relationship management.

25
Q

How is CRM best implemented?

A

CRM always starts with a business strategy, which then drives changes in the organization and work processes, which are in turn enabled by information technology.

26
Q

Which CRM projects are destined to failure?

A

Projects that focus on technology first, rather than business objectives.

27
Q

Why has CRM gained popularity in the last few years?

A

With product advantages reduced or neutralized in many industries due to increased “commoditization”, the customer relationship itself is the focus of competitive advantage.

28
Q

Why are product advantages reduced?

A

The cycle of innovation-to-production-to-obsolescence has accelerated, leading to an abundance of options for customers and a shrinking market window for vendors.

Internet-surfing customers have a far easier time collecting information about competing suppliers, and can switch to another vendor at the click of a mouse.

29
Q

Which business processes, involved in the customer relationship lifecycle, support CRM software?

A
  • Marketing: targeting prospects and acquiring new customers through data mining, campaign management, and lead distribution.
  • Sales: closing business with effective selling processes using proposal generators, configurators, knowledge management tools, contact managers, and forecasting aids.
  • E-commerce: selling processes should transfer seamlessly into purchasing transactions, done quickly, conveniently, and at the lowest cost.
  • Service: handling post-sales service and support issues with call center applications or Web-based customer self-service options.
30
Q

What is the emphasis of CRM?

A

Long-term relationship value

31
Q

What are microsites?

A

A microsite is a separate page of a Web site that has a separate URL than its home page and is used to provide information about and/or promote something that is related to the home page. Microsites often are temporary Web sites that are removed from Web servers once the promotion is over or the information is no longer relevant.

32
Q

Give an example of a microsite.

A

A museum’s Web site may have a link to a microsite with information about a special exhibition the museum is running, or a computer manufacturer may create a microsite to give the user information about a new product design.

33
Q

Explain this image

A

The inner-circle represent the four customer care business processes:

  • Customer self-service
    • order & shipping inquiries
    • online help & training
    • searchable knowledgebase
    • online upgrades
    • FAQs & newsletters
    • …
  • Customer support
    • Account information
    • Product/service information
    • Collaborative customer community
    • Call center/help desk integration
    • Maintenance & upgrades
    • Warranty support
    • …
  • Account management
    • order tracking
    • personlized account info
    • contracts
    • billing administration
    • …
  • Marketing
    • advertising & promotions
    • personlized cross & up-selling
    • trend tracking & analysis
    • product bundling
    • …

The outer cirle represents the customer care application drivers:

  • Workflow/Process management
    • call center integration
    • issue escalation
    • approval routing
    • task management
    • …
  • Information boundaries
    • personlized content delivery
    • single sign on
    • access to account/billing information
    • profile management for behavior tracking
    • …
  • Trading services
    • partner collaboration
    • collaborative design
    • customer community
    • knowledgebase
    • …
  • Data/Process integration
    • customer information management
    • order management
    • call center integration
    • billing administration
    • …
  • Searching & info filtering
    • catalog searching
    • product comparison
    • category identification
    • …
  • Event notification
    • customer notification
    • communication
    • sales, support, marketing notication
    • …

CRM (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions