Term
| Customer relationship management (CRM) |
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Definition
| involves managing all aspects of a customer’s relationship with an organization to increase customer loyalty and retention and an organization's profitability |
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Term
| Many organizations...have obtained great success through the implementation of CRM systems..such as |
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Definition
| Charles Schwab and Kaiser Permanente |
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Term
| Customer Relationship Management System Overview involves |
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Definition
| Accounting system, Order Fulfilment system, inventory system, and customer service system. |
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Term
| business goal that an organization must embrace on an enterprisewide level..and |
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Definition
| CRM... not just technology, but a strategy, process, and business goal that an organization must embrace on an enterprisewide level |
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Term
| CRM can enable an organization to |
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Definition
Identify types of customers
Design individual customer marketing campaigns
Treat each customer as an individual
Understand customer buying behaviors |
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Term
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Definition
| Recency, Frequency, and Monetary value |
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Term
| Organizations can find their most valuable customers through .... |
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Definition
| through “RFM” - Recency, Frequency, and Monetary value |
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Term
| Recency, Frequency, and Monetary value |
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Definition
How recently a customer purchased items (Recency)
How frequently a customer purchased items (Frequency)
How much a customer spends on each purchase (Monetary Value) |
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Term
| CRM enables an organization to |
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Definition
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 customers
Increase customer revenues |
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Term
| Evolution of CRM - CRM reporting technology |
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Definition
| help organizations identify their customers across other applications |
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Term
| CRM analysis technologies |
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Definition
| help organization segment their customers into categories such as best and worst customers |
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Term
| CRM predicting technologies |
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Definition
| help organizations make predictions regarding customer behavior such as which customers are at risk of leaving |
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Term
| Three phases in the evolution of CRM include |
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Definition
| reporting, analyzing, and predicting |
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Term
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Definition
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Term
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Definition
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Term
| "Asking what will happen" |
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Definition
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Term
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Definition
| total revenue by the customer? how many units did we manuf? where did we sell the most products? what were total sales by product? how many customers did we save? what are our inventory levels? |
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Term
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Definition
| why did sales not meet forecasts? why was production slow? why did we not sell as much as last year? who are our customers? why was customer revenue so high? why are our inventory levels so low? |
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Term
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Definition
| What customers are at risk of leaving? What products will the customer buy? Who are the best candidates for mailing? what is the best way to reach the customer? What is the lifetime profitability of a customer? what transactions might be fradulent? |
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Term
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Definition
| supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers |
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Term
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Definition
| supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers |
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Term
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Definition
| Sales system, marketing systems, customer service systems |
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Term
| Analytical CRM Systems/Processes |
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Definition
| Data Warehouse, Data Mining, also interacts with Collaborative CRM system and is the end of the funel for the operations systems information into the data warehouse. |
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Term
| Markting- Operational CRM Technologies |
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Definition
| 1. List Generator. 2.Campaign Management. 3. Cross-Selling and up-selling |
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Term
| Sales - Operational CRM Technologies |
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Definition
| 1.Sales Mgmt 2.Contact Mgmt. 3.Opportunity Mgmt |
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Term
| Customer Servie - Operational CRM Technologies |
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Definition
| 1.Contact Center 2.Web-based self-service 3.Call Scripting |
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Term
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Definition
| compiles customer information from a variety of sources and segment the information for different marketing campaigns |
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Term
| Campaign management system |
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Definition
| guides users through marketing campaigns |
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Term
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Definition
| selling additional products or services |
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Term
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Definition
| increasing the value of the sale |
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Term
| first to begin developing CRM systems? |
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Definition
The sales department
with sales force automation |
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Term
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Definition
| a system that automatically tracks all of the steps in the sales process |
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Term
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Definition
| 1.opprotunity Generated 2.Lead sent to sales person 3.Potential Customer Contacted 4.Potential Customer Meeting 5.Problems and solutions identified 6.Customer sales quote generated 7.Sales order placed 8.order filled 9.Customer Billed |
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Term
| Sales management CRM system |
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Definition
| automates each phase of the sales process, helping individual sales representatives coordinate and organize all of their accounts |
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Term
| Contact management CRM system – |
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Definition
| maintains customer contact information and identifies prospective customers for future sales |
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Term
| Opportunity management CRM system – |
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Definition
| targets sales opportunities by finding new customers or companies for future sales |
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Term
| CRM Pointers for Gaining Prospective Customer |
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Definition
Get their attention
Value their time
Overdeliver
Contact frequently
Generate a trustworthy mailing list
Follow up |
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Term
| Three customer service operational CRM technologies: |
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Definition
Contact center (call center)
Web-based self-service system
Click-to-talk
Call scripting system |
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Term
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Definition
Web-based self-service system
(on of the Three customer service operational CRM technologies) |
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Term
| Common features included in contact centers |
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Definition
Automatic call distribution
Interactive voice response
Predictive dialing |
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Term
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Definition
Number of prospective customers
Number of new customers
Number of retained customers
Number of open leads
Number of sales calls
Amount of new revenue
Amount of recurring revenue
Number of proposals given |
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Term
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Definition
Cases closed same day
Number of cases handled by agent
Number of service calls
Average number of service requests by type
Average time to resolution
Average number of service calls per day |
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Term
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Definition
Number of marketing campaigns
New customer retention rates
Number responses by marketing campaign
Number of purchases by marketing campaign
Revenue generated by marketing campaign
Customer retention rate |
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Term
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Definition
| – when a Web site knows enough about a persons likes and dislikes that it can fashion offers that are more likely to appeal to that person |
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Term
| Analytical CRM relies heavily on... |
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Definition
| data warehousing technologies and business intelligence to glean insights into customer behavior |
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Term
| data warehousing systems quickly... |
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Definition
| aggregate, analyze, and disseminate customer information throughout an organization |
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Term
| Analytical CRM information examples |
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Definition
Give customers more of what they want
Value their time
Overdeliver
Contact frequently
Generate a trustworthy mailing list
Follow up |
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Term
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Definition
Supplier relationship management (SRM)
Partner relationship management (PRM)
Employee relationship management (ERM) |
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Term
| Business intelligence (BI) |
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Definition
| applications and technologies used to gather, provide access to, and analyze data and information to support decision-making efforts |
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Term
| Parallels between the challenges in business and challenges of war |
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Definition
Collecting information
Discerning patterns and meaning in the information
Responding to the resultant information |
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Term
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Definition
| Data Rich, Information Poor |
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Term
| The amount of data generated |
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Definition
| is doubling every year..data explosion as digital images, email in-boxes, and broadband connections doubles by 2010 |
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Term
| The Solution to "data rich, information poor" |
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Definition
| Business Intelligence, Improving the quality of business decisions has a direct impact on costs and revenue |
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Term
| BI systems and tools results in... |
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Definition
| creating an agile intelligent enterprise |
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Term
| BI enables business users to receive data for analysis that is: |
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Definition
Reliable
Consistent
Understandable
Easily manipulated |
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Term
| Spectrum of data mining analysis and business intelligence into three categories: |
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Definition
Operational
Tactical
Strategic
(divded by Claudia Imhoff, president of Intelligent Solutions) |
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