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Management Of Information Systems > CRM > Flashcards

CRM Flashcards

1
Q

What does CRM stand for?

A

Customer Relationship Management

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2
Q

What are the main goals of CRM?

A

Acquire new customers, retain existing ones, and enhance customer relationships

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3
Q

What is customer intimacy in CRM?

A

Personalized interactions to foster customer loyalty

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4
Q

Define Operational CRM.

A

Supports day-to-day customer interactions (front office) through automation

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5
Q

Define Analytical CRM.

A

Analyzes customer data for insights, mainly for back-office use

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6
Q

What is a Customer-Facing CRM System?

A

A CRM system where employees directly interact with customers

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7
Q

What is a Customer-Touching CRM System?

A

A CRM system where customers interact with technologies (e.g., FAQs)

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8
Q

What does RFM stand for in CRM?

A

Recency, Frequency, Monetary value

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9
Q

What does ‘Recency’ refer to in RFM?

A

The time since a customer’s last purchase

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10
Q

What does ‘Frequency’ measure in RFM?

A

How often a customer makes purchases

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11
Q

Define ‘Monetary Value’ in RFM.

A

Amount a customer spends on purchases

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12
Q

Name two traditional CRM touchpoints.

A

Phone and physical store visits

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13
Q

Name two digital CRM touchpoints.

A

Websites and email

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14
Q

1

A

1

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15
Q

Key components of a CRM system?

A

Sales, Marketing, Service

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16
Q

What is Sales Force Automation (SFA)?

A

A system that automates sales processes and tracks transactions

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17
Q

What does CRM cross-selling mean?

A

Marketing additional products based on a customer’s past purchases

18
Q

What is CRM upselling?

A

Offering higher-value or premium options to customers

19
Q

Define bundling in CRM.

A

Selling a group of products together at a discount

20
Q

What is a CIC in CRM?

A

Customer Interaction Center for multi-channel customer support

21
Q

What are the three phases of CRM evolution?

A

Reporting, Analysis, Prediction

22
Q

What question does CRM Reporting answer?

A

“What happened?”

23
Q

What question does CRM Analysis answer?

A

“Why did it happen?”

24
Q

What question does CRM Prediction answer?

A

“What will happen?”

25
Q

Define CRM campaign management.

A

Planning and managing marketing campaigns to target customers

26
Q

How does CRM segment customers?

A

By analyzing Recency, Frequency, and Monetary value (RFM)

27
Q

Name a key CRM sales metric.

A

Revenue per customer

28
Q

Name a key CRM marketing metric.

A

Campaign response rate

29
Q

What is a critical CRM service metric?

A

Customer retention rate

30
Q

How does AI assist with CRM insights?

A

By analyzing customer behavior and buying patterns

31
Q

What CRM function does AI-powered chatbots support?

A

Automated customer support

32
Q

Define sentiment analysis in CRM AI.

A

Analyzing customer feedback to gauge satisfaction and sentiment

33
Q

How does AI enhance CRM lead scoring?

A

By predicting conversion likelihood based on attributes

34
Q

What routine tasks can AI automate in CRM?

A

Data entry, scheduling follow-ups, updating customer information

35
Q

What is the role of a CRM data warehouse?

A

Stores customer data for analysis and insights

36
Q

Define ‘customer churn’ in CRM.

A

When customers stop doing business with the company

37
Q

Why is it more costly to acquire a new customer than retain one?

A

It requires 5-10x the effort and resources

38
Q

What is a CRM loyalty program?

A

A program that rewards repeat purchases to increase loyalty

39
Q

What is personalized marketing in CRM?

A

Tailoring marketing based on individual customer profiles

40
Q

How does a 360-degree view benefit CRM?

A

It provides a complete view of each customer’s interactions

Management Of Information Systems (11 decks)

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