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D099 Module 4
Customer Relationship Management
| Question | Answer |
|---|---|
| Customer acquisition | Process of gaining new customers by persuading them to purchase a company's products and/or services |
| Customer retention | The ability of a company or product to retain its customers over some specified period |
| Customer profitability | Seeks to increase the profit margins of a particular customer segment by offering the desired product and service at the right time through the right channel |
| Operational | Relates to integrating sales, marketing, and customer support to ensure that customer satisfaction is as high as possible |
| Analytical | Organizations accurately assess who their core consumers are, how they behave, what they are looking for, and how satisfied they are |
| Collaborative | Involves many parties, including the customer; other internal departments such as finance, sales, and service; and other interaction points with external vendors |
| Knowledge discovery | Involves the extraction of market information from all customer segments and from all sources, including distribution and shipping and online |
| Market planning | Focuses on the development of strategies and processes directed by the knowledge discovery phase |
| Customer interaction | Takes place at the specific customer touchpoints at which all customers interact with or contact, directly or indirectly, each aspect of the organization |
| Analysis and refinement | Focuses on assessing, measuring, and evaluating the CRM process |
| Improved efficiency | CRM systems help organizations is through their capacity to streamline activities |
| Customer focus | the established means of increasing favorable customer experiences and communication, as it is capable of tracking the connection of an organization with customers on all touchpoints. |
| Data accessibility | Integrated systems have instruments for collecting, analyzing, and making sense of customers' and prospects' information, so an organization can gather ideas to enhance its services and offerings |
| Enhanced accountability | The result of improved workflows and communication between the employees of a business, as a result of an understanding of their responsibilities and roles |
| Data warehouse | A large store of data accumulated from a wide range of sources within a company and used to guide management decisions |
| Dashboards | The graphical representation of the data generated by a report (or multiple reports) at a certain point in time |
| Intranet | A private network accessible only to people within an organization that employees use to share information and resources |
| Touchpoints | Interactions that occur between a business and a customer before, during, and after a purchase |
| Behavioral segmentation | Occurs when a business adapts its message based on how someone uses a product, the benefits that person wants, how the person shops or pay, and the individual's loyalty status |
| Psychographic segmentation | Occurs when a business adapts a message based on someone's values, opinions, attitudes, and lifestyle |
| Geographic segmentation | Occurs when a business adapts a message based on someone's country, state, or zip code |
| Demographic segmentation | Occurs when a business adapts a message based on someone's age, gender, race, ethnicity, education, and income |
| Key performance indicators (KPIs) | A type of performance measurement. KPIs evaluate the success of an organization or of a particular activity in which it engages |
Created by:
kim.miller