CRM Exam 1
customer journey map
Visual depiction of customer's interaction with an organization through engagement into a long-term relationship
improve business relationships
What's the goal of CRM by helping companies stay connected to customers, streamline processes, and improve profitability?
customer-oriented
business that collects, disseminates and uses customer and competitive information to develop better value propositions for consumers.
product-oriented
businesses that believe customers choose products with the best quality, performance, design, or features
sales-oriented
businesses that make the assumption that if they invest enough in promotion (ads, salespeople,etc) customers will be persuaded to buy
philosophy
core customer-centric business strategy that aims at winning and keeping profitable customers
touchpoint
exist wherever customers come into virtual/concrete contact with a company's products, services, communications, places, people, processes or technologies
Operational
focuses on the automation of customer-facing processes such as selling, marketing, and customer service
CRM
strategy for managing an organization's relationships and interactions with customers and potential customers
stages of relationship development
1. awareness 2. initial purchase 3. repeat customer 4. client 5. community 6. advocacy are the stages of what
strategic values
1. moving product on slow days 2. prompting new trial 3. provides behavioral data that is tied back to specific individuals 4. co-branding opportunities 5. best way of getting personal data for customers 6. acceleration effect 7. incentivizing customers 8. relationship builder are the _________ __________ of Loyalty programs
loyalty programs
1. use simple point system 2. use tiers to encourage repeat/larger purchases 3. charge an upfront fee for VIP benefits 4. partner with nonprofit or another firm 5. devise sales promotion to incentivize accelerated purchasing during a specific period of time are the five pieces of ________ ___________
moment of truth
moments when customers form evaluative judgements, pos. or neg., about their experience
Analytical
process through which organizations transform customer-related data into actionable insight for either strategic or tactical purposes
financial, social, customization, and structural
what are the four types of bonds?
1. Philosophy 2. Operational 3. Analytical
what are the three factors that CRM is?