CRM (MIDTERM) Flashcards

1
Q

Business Benefits of CRM (CRM enables an organization to:)

A

*Provide better customer service.
*Make call centers more efficient.
*Cross sell products more effectively.
*Help sales staff close deals faster.
*Simplify marketing and sales processes.
*Discover new customer.
*Increase customer revenues.

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2
Q

RFM stands for:

A

Recency
Frequency
Monetary Value

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3
Q

AIDA stands for:

A

Attention
Interest
Desire
Action

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4
Q

Percent that know you are advertising.

A

Attention

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5
Q

Percent that want to know more.

A

Interest

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6
Q

Percent that want the product.

A

Desire

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7
Q

Percent that will buy the product.

A

Action

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8
Q

CRM stands for:

A

Customer
Relationship
Management

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9
Q

The Evolution of CRM

A

*CRM reporting technology
*CRM analysis technologies
*CRM predicting technologies

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10
Q

it helps organizations identify their customers across other applications.

A

CRM reporting technology

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11
Q

it helps organization segment their customers into categories such as best and worst customers.

A

CRM analysis technologies

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12
Q

it helps organizations make predictions regarding customer behavior such as which customers are at risk of leaving.

A

CRM predicting technologies

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13
Q

3 Phases in the Evolution of CRM

A

Reporting
Analyzing
Predicting

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14
Q

Operational & Analytical CRM

A

*Sales Systems
*Marketing Systems
*Customer Service Systems

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15
Q

3 Marketing and Operational CRM Technologies

A

1.List Generator
2.Campaign Management System
3.Cross-selling and up-selling

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16
Q

Complies customer information from a variety of sources and segment the information for different marketing campaigns.

A

List Generator

17
Q

Guides users through marketing campaigns.

A

Campaign Management System

18
Q

Selling Additional products or services.

A

Cross-selling

19
Q

Increasing the value of the sale.

A

Up-selling

20
Q

A system that automatically tracks all of the steps in the sales process.

A

Sales and Operation CRM

21
Q

3 Sales and Operation CRM Technologies

A

1.Sales Management CRM System
2.Contact Management CRM System
3.Opportunity Management CRM System

22
Q

Automates each phase of the sales process, helping individual sales representatives coordinate and organize all of their accounts.

A

Sales Management CRM System

23
Q

Maintains customer contact information and identifies prospective customers for future sales.

A

Contact Management CRM System

24
Q

Targets sales opportunities by finding new customers or companies for future sales.

A

Opportunity Management CRM System

25
3 Customer Service and Operational CRM Technologies
1.Contact center (Call Center) 2.Web-based self-service system (Click-to-talk) 3.Call scripting system
26
Common Features Included in Contact Centers
1.Automatic call distribution 2.Interactive voice response(IVR) 3.Predictive Dialing
27
CRM Success Factors
1.Clearly communicate the CRM strategy 2.Define information needs and flows 3.Build an integrated view of the customer 4.Implement in iterations 5.Scalability for organizational growth
28
Current Trends: SRM, PRM, & ERM
Supplier Relationship Management (SRM) Partner Relationship Management (PRM) Employee Relationship Management (ERM)