BIS 8.2: Customer Relationship Management
define sales management CRM systems
automate each phase of the sales process, helping sales reps coordinate/organize their accounts
define sales force automation (SFA)
automatically tracks all the steps in a sales process - SFA products focus on increasing customer satisfaction, building customer relationships and improving product sales
define list generator
compiles customer information form a variety of sources and segments it for different marketing campaigns -data from website visits, questionnaires, surveys, etc.
define contact center
customer service reps answer customer inqueries
define web-based self-service
customers use the web to find answers/solutions -click to talk = click a button and talk with a rep over the internet
define customer segmentation
divides a market into categories that share similar attributes ex: age/gender/etc.
define call scripting
gather product details and issue resolution information that can be automatically generated into a script for the rep to read to the customer
define campaign management
guides users through marketing campaigns by performing tasks like campaign definition/planning/scheduling/segmentation/success analyses
define production and materials management core ERP component
handle production planning and execution of tasks like demand forecasting, etc.
define up-selling
increasing the value of a sale ex: supersizing
define contact management CRM systems
maintain customer contact information and identifies prospective customers for future sales w/ tools like organizational charts/ customer notes/support sales information
define accounting/finance core ERP component
manage accounting data and financial processes -one of most useful features = credit management
define balances scorecard
management system a firm uses to translate business strategies into executable tables -4 perspectives to monitor the organization: 1. learning/growth 2. internal business processes 3. customer 4. financial
define elogistics
manages transport and storage of goods
define CRM
means of managing a customer's relationship with the organization to increase customer loyalty and retention -allows insights into shopping/buying behaviors
what must an ERP support?
mobility, cloud, Saas ERP areas
define software customization
modifies existing software according to business requirements ex: business processes/workflows; code modifications; integrations; reports/docs/forms; user-interface challenges
define customer service and support
part of operational CRM that automates service requests/complaints/product returns and information requests
define cross-selling
selling additional products/services to an existing customer ex: Amazon recommended buys
define opportunity management CRM systems
target sales opportunities by finding new customers or companies for future sales
define core ERP components and give the 3
traditional components included in most ERP systems and are primarily focused on internal operations 1. accounting/finance 2. production and materials management 3. HR
define analytical CRM
uses BI to identify patterns in sales and customer behavior
define website personalization
when a website has stored enough data about a person's likes and dislikes to fashion more appealing offers
what do organizations need to track?
-how recently/ frequently a customer purchased items -monetary value of customer purchase
define enterprise resource planning (ERP)
-integrates all departments and functions throughout the organization into a single IT system so employees can make decisions by viewing enterprise information about all business operations
define analytical CRM strategies
-supports back-of-office operations and strategic analysis -all systems not dealing directly with customers
define operational CRM strategies
-supports traditional transaction processing for day-to-day front-office operations -systems dealing directly with the customers
define HR core ERP component
-tracks employee information -provides employee analysis
define 2-tier ERP architecture
allows an organization to have an on-premises ERP system along w/ a cloud ERP application
give and describe the 3 types of contact center services
1. automatic call distribution -routes inbound calls to available agents 2. interactive voice response -directs customers to touch-tone phones or keywords to navigate/provide information 3. predictive dialing -automatically dials outbound calls and forwards answered calls to available agents
give the 3 primary CRM technologies for customer service
1. contact center 2. web-based self-service 3. call scripting
give the 3 CRM metrics
1. customer service 2. sales 3. marketing
give the 3 primary operational CRM technologies
1. list generator 2. campaign management 3. cross-selling and up-selling
what are the 2 primary components of a CRM strategy?
1. operational 2. analytical
give the 3 phases of evolution of CRM
1. reporting -help identify customers across other applications -asks: what happened? 2. analyzing -help segment customers into categories -asks: why did it happen? 3. predicting -help predict customer behavior -asks: what will happen?
give the 3 primary operational CRM technologies for sales departments
1. sales management CRM systems 2. contact management CRM systems 3. opportunity management CRM systems
give the 3 components of extending CRM
1. supplier relationship management -keeps suppliers satisfies by evaluating/categorizing them for projects 2. partner relationship management -discovers optimal sales channels through the right partners 3. employee relationship management -provides web-based self-service tools that streamline and automate HR
give the 4 extended ERP components
Bi, CRM, SCM, ebusiness
define eprocurement
B2B online purchasing and sales of supplies and services
define uplift modeling
a form of predictive analysis for marketing campaigns that attempts to identify target markets