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?