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CRM > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Definition of CRM

A

is a technology or software solution that tracks data and information about customers to better our service

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2
Q

why is CRM important?

A

CRM helps companies gain a competitive advantage, deliver growth and profit

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3
Q

what led to the growing recognition of CRM?

A

the interactive era of the twenty-first century. firms are now receiving constant information about customers

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4
Q

Get, Keep, Grow

A

Enterprises strive to:
GET a customer
KEEP them for a lifetime
GROW the value of the customer to the enterprise

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5
Q

What is Customer share?

A

how much your customers are investing in your products/services/solutions

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6
Q

Define Learning relationships

A

They enable enterprises to develop personable interactions with customers

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7
Q

What is the impact of investing in CRM?

A

it can lead to increased sales, improved customer satisfaction, and long-term success

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8
Q

What are the elements of relationships?

A

Mutual
Interaction
Iterative
Ongoing benefit

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9
Q

Define a Mutual Relationship

A

refers to the two-way nature of a relationship

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10
Q

Define Iterative

A

builds on oneself, becomes smarter over time

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11
Q

Define Ongoing benefit

A

changing each party’s behavior towards the next party, to be uniquely different

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12
Q

What is Return on Customer (ROC)?

A

A metric that tracks how well an enterprise uses customer to create value. Educates on how much earning are gained from customers

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13
Q

The 5 E’s of Customer Relationships

A

Environment
Expectations
Experience
Emotions
Engagement

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14
Q

What are the different types of Loyalty?

A

Behavioral
Attitudinal
True

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15
Q

Define Behavioral loyalty

A

Relies on the actual conduct of a consumer, regardless of attitude of preferences. It is easier to measure than attitudinal loyalty

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16
Q

Define Attitudinal loyalty

A

Implies that the loyalty of a customer is in their state of mind. The customer carries a positive and preferential attitude towards it

17
Q

Define True loyalty

A

Extremely satisfied customers to stay with a company through highs and lows

18
Q

What is IDIC?

A

Identify
Differentiate
Interact
Customize

19
Q

What happens in Identify?

A

recognizing your customers, by setting up a relationship with individuals of the consumer population

20
Q

What happens in Differentiate?

A

knowing how your customers are different from each other

21
Q

What happens in Interact?

A

various ways to improve interactions with customers to

22
Q

What happens in Customize?

A

adapt its behavior towards a customer based on the individuals wants and needs

23
Q

What is the importance of trust in relationships?

A

The more a customer trusts an enterprise, the more likely they will accept its offers and recommendations.

24
Q

What is Green’s Trust Equation?

A

Credibility
Reliability
Intimacy
Self-orientation

25
Q

Define Credibility

A

the proven truthfulness of a enterprise

26
Q

Define Reliability

A

how a customer depends on an enterprise

27
Q

Define Intimacy

A

how the enterprise showcases discretion and empathy

28
Q

Define Self-orientation

A

the motives of an enterprise

29
Q

What enhances the elements in the Trust equation?

A

Credibility: online information
Reliability: being religious on delivering promises
Intimacy: increased sense of safety
Orientation: strategic customer management

30
Q

What is the impact of visibility online (customer reviews)

A

Online reviews brings more vulnerability and transparency to an enterprise. The customer’s mindset rules the competitive space

31
Q

How to craft a sincere apology

A

Be truly sincere, accept responsibility, articulate what the company has learned

32
Q

What is Market share?

A

how many customers in a market are buying your products/services/solutions

33
Q

Define Switching Costs

A

the costs a consumer pays as a result of switching brands or products

CRM (1 decks)

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