Shared Flashcard Set

Details

CRM Final
Customer Relationship Final Exam
31
Marketing
Undergraduate 4
12/12/2012

Additional Marketing Flashcards

 


 

Cards

Term


What makes “social” CRM (or CRM 2.0) different from traditional CRM (CRM 1.0)?

Definition

Goal is to engage the customer in a collaborative conversation, providing a mutually beneficial value in a trusted and transparent business environment.

It’s the company’s response to the customer’s ownership of the conversation

Term


What makes Web 2.0 different

from Web 1.0?

Definition


Web 2.0 = easy to use, efficient to navigate, self-generated content, driven by ad hoc & established communities of people with similar interests

Term


Identify and discuss the five business goals driving social CRM

Definition

1. Profitability

2. Partnership

3. Customer Experience

4. Better Understanding the Customer

5. Rethinking "Value of Many

Term

 

 

Profitability

Definition

 

-Advocacy, not just hard money

 

-Balance short-term profit + long-term customer satisfaction.

Term

 

 

Partnership

Definition

 

 

          Customer must value this kind of relationship

Term

 

 

Customer Experience

Definition

-Many customers experiences are out of firm's control

 

-Customers making buying decisions based on new set of criteria.

       -Transparency, accountability, enablement, trust,     sdfsfacilitation, feedback, respect

Term

 

Better Understanding of the Customer

(Goal of All Marketing)

Definition


-Firms work to let go of controlling customer relationship to get trust, value + loyalty in return

Term


Rethinking the

 "Value of Many"

Definition

 

-Informed inputs of large, diverse groups of consumers will = better outcomes than leadership by "experts

Term


CRM 1.0 vs 2.0

Definition

              1.0                                                 2.0

 

   Create Products +              Aggregator of experiences,

Services for Customers    products, services, tools, +      asdfsdka                                knowledge for custoemers     

Term

 

 

Wiki

Definition

Wiki: Collection of web pages designed to enable anyone who has access to it to contribute/modify content

 

-Enhance internal knowledge sharing (Content Mngmt.)

-Project Management (Collaboration)

-Collaboration between customers + employees to drive innovation

-Tap External resources for knowledge, insight

Term


Forresters Research's Approach

Definition
  • Creators                   -Classifies People into how they use social media
  • Conversationalists
  • Critics                   -Can quantify # of online consumers within groups
  • Collectors
  • Joiners                 -By understanding where your customers fall within 
  • Spectators             the ladder you can determine which sorts of 
  • Inactives              strategies make sense to reach those customers
Term

 


P+G and BeingGirl

Definition

Increase awareness + trust of 10-13 year old female market

     

     -Minimally Branded

     

     -Online Social Network

Term

 

 

Data Mining

Definition

 

-# crunching we already have in a Database

 

-Marketing Automation

Term

What distinguishes data mining as an aid to managerial decision making

(hint: it’s nothing like making 

decisions based on past experience and management “hunches”)?

Definition

 

Data Mining shows hard data about customer preferences and coorelations between the purchases

Term

What does

"Creating business rules that haven't been written yet"

mean?

Definition

Predictive Analytics

 

-Who's going to purchase this? (or not)

-Who's going to commit credit card fraud? (or not)

-Examples of customer scoring-- predicting behavior basen on discovered business rules

Term
What kind of relationships in data would a data mining specialist be looking for?
Definition

-Finding associations between data

-Finding sequential patterns

-Developing classifications

      -Heavy vs. light users

      -Profitable vs. unprofitable customers

-Clustering like with like

-Making Predictions

     -Furutre purchasing behavior

     -CLV

Term

OLTP

vs.

OLAP

Databases

Definition

Online Transaction Processing (OLTP): Operational data. Needs to be very accurate and up-to-date.


Online Analytical Processing (OLAP): Analytical data. Typically a summarized extract of the OLTP, enought to perform the analytical tasks. Might also draw in data from a number of internal and external sources

Term


Data Warehouse

(Think Hospital Patient Records)

Definition

Subject-oriented
The warehouse organizes data around the essential subjects of the business – customers and products - rather than around applications
Integrated
It is consistent in the way that data from several sources is extracted and transformed
Time-variant
Data are organized by various time periods (e.g. months)
Non-volatile
The warehouse’s database is not updated in real time. There is periodic bulk uploading of transactional and other data.

Term


Market Basket Analysis

Definition

 

 

-Grocery store point-of-sale (POS)

 

-Put combo items at different points in a store

Term

 

What can Evergreen learn from implememting CRM

Definition

 

Understand the correct tools that salespeople need to effectively opperate.

Term


Basic Building Block Elements of a CRM Business Case

Definition

Objective: Revenues (incremental revenue- incremental costs)


1) Develop CRM strategy

2) Build CRM project foundations

3) Needs specification & partner selection

4)Project implementation

5) Performance evaluation

Term


Urgency of Change Formula:


C = (D * V * F) > R

Definition

C = (D * V * F) > R

Change

Dissatisfaction with the status quo

Vision of the future

First steps

Resistance

 

Term


Kotter's 8-steps to managing change

Definition

1.Create a sense of urgency so that that people begin to feel “we must do something.”
2.Put together a guiding team to drive the change effort
üLed by upper management, CRM program director
3.Get the vision right, and build supporting strategies
4.Communicate for buy-in
5.Empower action by removing organizational barriers to change
6.Produce short-term wins to diffuse cynicism, pessimism and skepticism
7.Don’t let up, but keep driving change and promoting the vision
8.Make change stick by reshaping organizational culture

Term


John Mackey + Whole foods

(urgency of change formula)

Definition

Don't focus on "today tasks"; accept reality of today for what it is + focus on shared vision of future. "People find ways to carry out their plans if they have clear goals, the right people are in the room, and they take the whole ride together.


Key Principles

1) Right people in the room, cross section of whole organization

2) Create conditions where participants share one view of today's reality, vision for tomorrow

3) Seek + Build on common ground

4) Take responsibility for learning + action

Term

 

Christian Care +

"What Kills CRM Implementations"

Definition

-Christian Care had small IT staff that didn't want new CRM (Inflexibility)

 

-Decision makers saw it as a cost expense rather than a new rev. stream

 

-Couldn't relate revenue to expenses (poorly defined goals+ objectives)

Term
Core Strategic Biz. Objectives for Evergreen as it transitioned to mobile CRM service
Definition

 

 

Help E's sales people better serve firm customers, making jobs easier

Term

 

 

Harrah's Card

Definition

 

 

Relevant to card holder

Term


Campaign Management

Definition

 

Adjusting # of product catalogs mailed based on results from a previous catalog mailing

Term

 

NOT a benefit of

Marketing Automation

Definition


ability to develop sales forecast based on real-time tracking of sales pipeline

Term

NOT an advantage to

committed customers

(Hofmeyr)

Definition


Increase in market share

Term

NOT an important success

factor in Harrah's

Total Rewards Program

Definition


Card earned customers

discounts + benefits

much faster

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