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dgffgdfdg > Chapter 11 > Flashcards

Chapter 11 Flashcards

1
Q

Customer Relationship Management (CRM)

A

A strategy focused on meeting customer needs and delivering high-quality, responsive services

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2
Q

CRM Importance

A

Build Customer Relationship
Helps Meet Customer Needs
Help Retain Customers

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3
Q

Customer Touchpoint

A

Any interaction between a customer and an organization

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4
Q

Customer Touchpoint Examples

A

Smartphone
Computer
Physical Store
Email

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5
Q

Data Consolidation Methods

A

Collaborative CRM System
Customer Identity Management

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6
Q

Collaborative CRM System

A

Integrates communications between the organization and its customers across marketing, sales, and customer support

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7
Q

Customer Identity Management

A

A marketing technology that creates a complete 360° view of a customer across an organization

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8
Q

Operational CRM Systems

A

Supports front-office processes
like sales, marketing, and customer service, which directly interact with customers

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9
Q

Front-office processes

A

Processes that directly interact with customers, such as sales, marketing, and service

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10
Q

Customer-facing CRM applications

A

Areas where customers directly interact with the organization

customer service, sales force automation, marketing, and campaign management

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11
Q

Customer Interaction Centre (CIC)

A

Representavies interact with customers through communcation channels

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12
Q

Sales Force Automation (SFA)

A

A part of operational CRM that automatically records all aspects of the sales transaction process

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13
Q

Cross-selling

A

Marketing additional related products to customers based on a previous purchase

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14
Q

Upselling

A

Salesperson suggest you buy something of greater value than the original

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15
Q

Bundling

A

Sells a group of items together for less money than buying separately

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16
Q

Customer-Touching CRM Applications

A

Applications and technologies that customers interact with and typically help themselves

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17
Q

Customer-Touching CRM Methods

A

Customized Products
Loyalty Programs

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18
Q

Loyalty Programs

A

Programs that offer rewards to customers to influence their future behavior

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19
Q

Analytical CRM System

A

A CRM system that studies how customers act and feel to give helpful insights for business intelligence

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20
Q

On-demand CRM system

A

A CRM system hosted by another company

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21
Q

Mobile CRM system

A

CRM system that lets sales, marketing and customer service interact with customers through mobile devices

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22
Q

Open-source CRM system

A

CRM software whose source code is accessible to developers and users for modification and customization

23
Q

Social CRM

A

Using social media to talk with customers and work together in a way that’s open and helpful for both sides

24
Q

Real-time CRM system

A

A system that helps businesses reply quickly to customers anytime, like when they search for products or leave reviews

25
Q

Supply chain

A

The coordinated movement of resources from organizations through production to the end consumer

26
Q

Supply chain visibility

A

The ability of all organizations in a supply chain to access or view relevant data on materials as they move through production processes

27
Q

Supply Chain Three Segments

A

Upstream
Internal
Downstream

28
Q

Upstream

A

Where a company gets its materials or products from other companies.

It includes choosing where to get the items, keeping track of them, checking that they are shipped correctly, sending them to be made into products, and paying for them

29
Q

Internal

A

Where things are made, put together, or packaged

Workers plan what to make, check if it’s done right, and make sure everything is going smoothly

30
Q

Downstream

A

Where products are sent to customers

People in charge make sure orders are delivered, manage storage, choose how to ship the products, and make sure customers pay

31
Q

Supply Chain Three Flows

A

Material Flows
Information Flows
Financial Flows

32
Q

Material Flows

A

These are the physical products, raw materials, and supplies that move through the supply chain, including reverse flows (e.g., returns or recycling). This flow covers the product life cycle from production to disposal

33
Q

Information Flows

A

These involve data related to demand, shipments, orders, returns, schedules, and any changes to these details. They help ensure that the supply chain operates smoothly and efficiently

34
Q

Financial Flows

A

These include money transfers, payments, credit card information, payment schedules, and e-payments. Financial flows track the monetary aspect of the supply chain

35
Q

Supply Chain Management (SCM)

A

The process where a company’s leaders oversee the supply chain, manage relationships, and use them to gain a competitive edge

36
Q

Interorganizational Information System (IOS)

A

A system that helps share information between two or more organizations

37
Q

Push Model

A

Company makes products based on guesses about what customers will want. They produce the items first and then try to sell them

38
Q

Pull Model

A

A business model where production starts only after a customer places an order, and companies make just what the customer wants. This is linked to mass customization

39
Q

Supply Chain Problem

A

Bullwhip Effect

40
Q

Bullwhip effect

A

Erratic changes in orders up and down the supply chain

41
Q

Solutions to Supply Chain Problem

A

Vertical integration
Just-in-time (JIT)

42
Q

Vertical integration

A

A strategy where a company buys upstream suppliers to ensure timely availability of supplies

43
Q

Just-in-time (JIT)

A

An inventory system where suppliers deliver parts exactly when needed for assembly

44
Q

Vendor-managed inventory (VMI)

A

An inventory strategy where the supplier monitors and replenishes a vendor’s product stock when needed

45
Q

Electronic Data Interchange (EDI)

A

A communication standard that allows business partners to transfer routine documents electronically

46
Q

Electronic Data Interchange (EDI) Benefits

A

Minimizes data entry errors
Shorter messages
Secured messages
Reduces cycle time
Increases productivity
Enhances customer service
Minimizes paper usage and storage

47
Q

Extranet

A

A private network that lets other companies or people work with your company by sharing information

48
Q

Extranet Infrastructure

A

Extranets use VPN technology for secure communication over the internet between external partners and the company

49
Q

Extranet Types

A

Company and Its Dealers, Customers, or Suppliers
Industry Extranet
Joint Ventures and Other Business Partnerships:

50
Q

Company and Its Dealers, Customers, or Suppliers

A

An extranet for a single company to allow external users, like customers or suppliers, to access specific data. Example: FedEx for tracking deliveries

51
Q

Industry Extranet

A

An extranet for multiple companies in the same industry to exchange business information. Example: OpenText for secure B2B transactions

52
Q

Joint Ventures and Other Business Partnerships

A

An extranet for partners in a joint venture to communicate and collaborate. Example: Bank of America’s extranet for commercial loans

53
Q

Procurement Portals

A

Portals that automate purchasing processes between a buyer and multiple suppliers

54
Q

Distribution Portals

A

Portals that automate selling and distribution processes from a supplier to multiple buyers

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