Ch 10 CRM Flashcards
why is CRM important in managing supply chains?
to build and maintain profitable long-term customer relationships
what is segmenting customers?
grouping customers to create specialized communications about products
define permission marketing
customers select the type & time of communication
- mobile marketing
- email subscription
define cross-selling
additional products sold as the result of an initial service
ex. amazon products like this
define churn reduction
reducing customer defections
why is the determination of customer lifetime value important?
it can forecast future purchases, profit margins, and marketing costs for a projected profit quantity
how can CRM applications increase the effectiveness and productivity of a firms salesforce?
to document field activities, communications with the home office and retrieve sales history
what are the Seven Rs?
the right product in the R quantity in the R condition at the R place at the R time for the R customer at the R costs
describe the types of customer service that come before, during and after the sale
pretransaction elements
transaction
posttransaction
describe the steps necessary for designing and implementing a CRM program
- create the CRM plan
- involve CRM users from outset
- Select the right application and provider
- integrate existing CRM applications
- Establish performance measures
- Training for CRM users
how can firms help to assure the privacy and security of their customers info and data?
rules and laws including Patriot Act in the US
how do various social media impact an orgs CRM methods?
lead to customer satisfaction and loyalty
what are cloud computing advantages for CRM?
beneficial for small companies with limited resources
pretransaction element examples
customer service policies
mission statement
transaction element examples
order lead time
order processing
