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4 - Customer Management > Day 1 + 2 > Flashcards

Day 1 + 2 Flashcards

1
Q

Describe the Sales Management Model

A

1) Describing the Personal Selling Function
2) Defining the Strategic Role of the Sales Function
3) Developing the Salesforce
4) Directing the Salesforce
5) Determining Salesforce Effectiveness and Performance

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2
Q

Define Personal Selling

A

-occurs when a sales rep. meets with a potential client for the purpose of transacting a sale

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3
Q

From Transactions

A

To relationships

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4
Q

fron individuals

A

to Teams

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5
Q

From Sales Volume

A

to Sales Productivity

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6
Q

From Management

A

to Leadership

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7
Q

From Administrative

A

To Entrepreneurial

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8
Q

From Local

A

to Global

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9
Q

Explain from Transactions to Relationships

A
  • transaction selling model -> relationship-oriented sales approaches
  • salespeople build relationships by solving problems, providing opportunities and adding value over a period of time
  • some customers demand a relationship approach -> suppliers must adhere to that
  • may lead to higher customer acquisition costs
  • but through that the customer is bound longer to the company/supplier -> it´s cheaper to gain revenues from an existing customer than acquiring new ones
  • customer tailored solutions
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10
Q

Explain from individuals to Teams

A

-in many situations, no one person possesses the knowledge and skills needed to
identify and solve als customers problems
-may be a combination of salesperson, technician and account manager
-teamwork may be among individuals, sales and marketin dep. or functions within the business
-75% of componies utilize some type of sales teamwork
-often bigger customers are serviced from a bigger sales team

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11
Q

Describe Core Selling Team

A
  • relatively permanent and customer-focused
  • membership determined by job assignment to a pecific buying organisation
  • membership rel. stable
  • one team per buying unit
  • mission is strategic with respect to buying organization
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12
Q

Describe a Selling team

A
  • rel. temporary, transaction-focused group
  • membership determined by involvement in sales transaction for a particular good or service
  • membership very fluid
  • mission is tactical with respect to the sales opportunity
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13
Q

Describe from Sales Volume to Sales Productivity

A
  • sales productivity includes the costs associated with generating sales and serving the customers
  • good measure might be the contribution margin
  • keep costs for training etc. low (e.g. digital learing)
  • try to shift from transactional to relationship based sales
  • to do more with less
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14
Q

Describe from Management to leadership

A
  • many organizations are hierarchical and bureaucratical structured
  • all levels of the sales structure have to report to the level above them and are responsible for the supervised sales people
  • sales manager should lead their subordinates
  • help salespeople perform better and less control and evaluate people
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15
Q

How can a sales manager lead?

A 
collaboration instead control
coaching instead criticism
empowerment instead domination
sharin information instead witholding it
adapting to individual salespeople instead treating everyone the same
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16
Q

Describe from Administrative to Entrepreneurial

A
  • proactiveness, risktaking, innovation
  • do not just respond to whatever happen but make things happen
  • look for and pursue opportunities and leverage resources in unique ways
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17
Q

characteristics of an entrepreneurial sales organization

A
  • creativity
  • innovation
  • empowerment
  • strategy
  • technology
  • collaboration
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18
Q

Describe how an entrepreneurial sales organization might look like

A
  • have a flat (no) hierarchy
  • work gets done by small teams
  • sales leaders guide and coach their colleagues
  • teams can develop their own strategies
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19
Q

Describe from Local to Global

A
  • marketplace is now global
  • companies can be global even if they only serve the domestic market:
  • compete agains foreign firms, use international suppliers, work with internation companies, are affected by int. events, etc.
  • sales team has to become heterogenus and diverse
20
Q

Which characteristics have the best sales organizations?

A
  • customer driven culture
  • recruit/retain biggest talents
  • train and coach the right skillset
  • differentiated offers for customers
  • use tech efficiently
  • integrate sales in other functions
21
Q

Name technologies that are driving the change of the fourth industrial revolution

A

1) Artificial Intelligence
2) Blockchain
3) VR and AR
4) Robotics
5) IoT

22
Q

What is blockchain?

A

a secure, decentralized, and transparent way of recording and sharing data, with no need to rely on third-party intermediaries

23
Q

How will the fourth Industrial Revolution affect business?

A

1) They´re transforming customers’ expectations
- believe that these technologies will transform their interactions with companies within five years
- greater personalization, connected experiences
- are not afraid to change brands for experience
2) Usage of customers´data
- many customers are uncomfortable with how companies use their personal or business information
3) Deploying AI

24
Q

Why is focusing on customers´ experience so important?

A
  • many customers change their supplier because of a better experience
  • peer review sites and social media make it easier to be criticized from customers
25
Q

How affects AI the fourth revolution on businesses?

A
  • will require a reboot in the way companies think about privacy and security
  • AI is fueled by data
  • AI can only work on your behalf if it has enough data
  • companies must ensure privacy and security of customer information
  • no trust without transparency
26
Q

How will the fourth industrial revolution affect the future of work?

A

1) AI and automation will make jobs obsolete
2) Computers and automation will come together in a new way
- robotics will be connected remotely to computer systems equipped with machine learning algorithms
- Smart factory: cyber-physical systems monitor physical processes of factory and make decentralized decisions
3) New jobs are emerging
4) Businesses must prepare their people for the new world
- continual learning, upskilling, commitment to diversity

27
Q

What schould businesses do to future-proof their workforce?

A

-ensure they have the right mix of skills in their workforce to keep pace with changing technology
-AI will impact the types of skills their companies need
-need to update their skills, not just once but many times throughout their careers
-employees need to be thinking about changing hard and soft skills:
emotional intelligence, creativity, critical thinking

28
Q

How do we ensure the Fourth Industrial revolution is good for everyone?

A
  • I40 is presenting both immense opportunities and challenges
  • humans must be proactive in shaping this technology and disruption
  • businesses must ensure that all needs are met not only these of stakeholders
  • businesses must proof that data is protected
29
Q

Which Points belong to the question: “How AI Technology Increases Data Access and Team Activity Tracking”

A

1) No contact data left behind
2) Put all employee activities in CRM, automatically
3) Increase relationship-centric collaboration with colleagues
4) Empower managers with data driven insights for coaching employees

30
Q

Explain No contact data left behind regarding “How AI Technology Increases Data Access and Team Activity Tracking”

A
  • on average 70% of contact data never makes it to CRM
  • CRM sync technologies ensure that all relevant data is sent to CRM
  • frees up a lot of work time for the sales staff
  • data accuracy and productivity increase
31
Q

Explain Put all employee activities in CRM, automatically regarding “How AI Technology Increases Data Access and Team Activity Tracking”

A
  • not always easy for managers to keep track of activities and meetings happening with customers
  • softwares and Ai can automatically synchronize the data with CRM
  • managers can quickly gain insight into the workforce
32
Q

Explain Increase relationship-centric collaboration with colleagues regarding “How AI Technology Increases Data Access and Team Activity Tracking”

A
  • utilize a relationship intelligence which maps relationships between employees and customers
  • recency and frequency of communication is measured
  • who talks to who
  • information is uploaded to CRM and connected to the account
33
Q

Explain Empower managers with data driven insights for coaching employees regarding “How AI Technology Increases Data Access and Team Activity Tracking”

A
  • capture a high-level view of where things stand within your organization
  • including active progress in deal cycles, activity trends of your highest performing reps, trending patterns in customer communications and engagement
  • where do you stand in the sales funnel. which connections are being made?
34
Q

Name uses of AI and Machine Learning in E-Commerce Activities by Rakuten

A

1) Prediction of sales
2) Market segmentation
3) Classification of products
4) Analysis of ratings and reviews
5) Produkt recommendations and search
6) image recognition

35
Q

Describe Prediction of Sales (Rakuten)

A

Rakuten employs “supervised” machine learning to forecast sales (supervised: algorith is trained with past data)

36
Q

Describe Market segmentation (Rakuten)

A

Rakuten uses “unsupervised” machine learning algorithms to segment customer groups in order to increase the effectiveness of marketing campaigns. (real-time data to identify most effective way of market segmentation)

37
Q

Describe classification of products (Rakuten)

A

Rakuten uses a “semi-supervised” learning algorithm to classify products. The goal is to classify products in such a way that customers are more likely to find the items they need.

38
Q

Describe Analysos of ratings and reviews (Rakuten)

A

Rakuten utilizes “structural” machine learning algorithms to analyze customer ratings and reviews. It has helped the company efficiently collect and analyze product reviews and mine valuable information

39
Q

Describe Analysis of recommendations and search (Rakuten)

A
  • reinforcement learning algorithms
  • processing data on past customer reactions to know most effective course of action in future when similar circumstances reoccur (click or no click)
  • > better recommendations in the future
40
Q

Describe Image recognition (Rakuten)

A

Rakuten uses deep learning algorithms for image recognition. This is especially useful on a customer-to-customer platform such as PriceMinister-Rakuten.

41
Q

Explain supervised machine earning

A

the algorithm is given sample past data in order to train “the machine” to process future data more accurately

42
Q

Explain how unsupervised machine learning is used for marketing segementation

A
  • Real-time data is used only to identify most effective ways of market segmentation (e.g., online behavior or preferences)
  • > more accurately predict consumer interests or tastes
43
Q

Explain semi-supervised machine learning

A

The approach involves resampling data in a repeated fashion until the algorithm learns the most efficient way to process data

44
Q

Explain structural machine learning algorithms

A

This method is often used to study the structure and formation of words (morphology)

45
Q

Explain reinforcement learning algorithms

A
  • utilizes external feedback to teach a system to change its functioning in order to guess better in the future
  • The system identifies factors that made the largest differences in the decision of the algorithm which is used to reinforce accuracy and minimize wrong decisions
46
Q

Explain deep-learning algorithms

A
  • Deep-learning algorithms can recognize and automatically categorize the object in a picture
  • Thus, users can more easily post products to sell on the platform

4 - Customer Management (5 decks)

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