17. CRM

Question 1

Customer relationship management (CRM)

Answer 1

Managing all aspects of a customer’s relationship within an organisation to increase customer loyalty and retention and an organisation’s profitability

Question 2

Benefits of CRM

Answer 2

Organisations can find their most valuable customers through RFM (recency, frequency, and monetary value)

Question 3

How to measure CRM success

Answer 3

Sales metrics
Customer service metrics
Marketing metrics

Question 4

CRM communication channels

Answer 4

Text message
Email
Phone
Meeting
Customer service call
Twitter 
Facebook

Question 5

CRM technologies

Answer 5

Reporting
Analysis
Predicting

Question 6

CRM types

Answer 6

Operational

Analytical

Question 7

How to extend CRM

Answer 7

Supplier relationship management (SRM)
Partner relationship management (PRM)
Employee relationship management (ERM)

Question 8

Enterprise resource planning

Answer 8

Integrates all departments and functions throughout an organisation into a single or set of IT system(s) (employees can make enterprisewide decisions by viewing enterprisewide information of all business operations)

Question 9

Core ERP components

Answer 9

Accounting and finance
Production and materials management
Human resource

Question 10

Measuring ERP success

Answer 10

Balanced scorecard (enables organisations to clarify their vision and strategy and translate them into action)

Question 11

ERP Systems components costs

Answer 11

Software
Consulting fees
Process rework
Customisation
Integration
Testing/training