ChapterNine Word Scramble
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Question | Answer |
Analytical CRM | Includes applications that analyze customer data generated by operational CRM applications to provide information for improving business performance. |
Bullwhip effect | Effect in which information about the demand for a product gets distorted as it passes from one entity to the next across the supply chain. |
Churn rate | Measures the number of customers who stop using or purchasing products or services from a company. |
Cross-selling | Marketing of complementary products to customers, e.g. a customer with a checking account might be sold a money market account or a home improvement loan. |
Customer lifetime value (CLTV) | Based on the relationship between the revenue produced by a specific customer, the expenses incurred in acquiring and servicing that customer, and the expected life of the relationship between the customer and the company. |
Demand planning | Determines how much product a business needs to make to satisfy all of its customers' demands. |
Employee relationship management (ERM) | Deals with employee issues that are closely related to CRM, such as setting objectives, employee performance management, performance-based compensation, and employee training. |
Enterprise software | Built around thousands of predefined business processes that reflect best practices. |
Just-in-time strategy | If a manufacturer had perfect information about exactly how many units of product customers wanted, when they wanted them, and when they could be produced, it would be possible to implement a highly efficient just-in-time strategy. |
Operational CRM | Includes customer-facing applications, such as tools for sales force automation, call center and customer service support, and marketing automation. |
Partner relationship management (PRM) | If a company does not sell directly to customers but rather works through distributors or retailers, PRM helps these channels sell to customers directly. |
Pull-based model | In a pull-based model, also known as a demand-driven model or build-to-order, actual customer orders or purchases trigger events in the supply chain. |
Push-based model | In a push-based model, production master schedules are based on forecasts or best guesses of demand for products, and products are "pushed" to customers. |
Service platform | A service platform integrates multiple applications from multiple business functions, business units, or business partners to deliver a seamless experience for the customer, employee, manager, or business partner. |
Supply chain | A firm's supply chain is a network of organizations and business processes for procuring raw materials, transforming these materials into intermediate and finished products, and distributing the finished products to customers. |
Supply chain execution systems | Supply chain execution systems manage the flow of products through distribution centers and warehouses to ensure that products are delivered to the right locations in the most efficient manner. |
Supply chain planning systems | Supply chain planning systems enable the firm to model its existing supply chain, generate demand forecasts for products, and develop optimal sourcing and manufacturing plans. |
Touch point | A touch point (also known as a contact point) is a method of interaction with the customer, such as telephone, e-mail, customer service desk, conventional mail, Web site, wireless device, or retail store. |
Sales force automation (SFA) | Modules in CRM systems help sales staff increase productivity by focusing sales efforts on the most profitable customers, those who are good candidates for sales and services. |
Social CRM | Using such tools businesses can better engage with their customers by, for example, analyzing their statements about their products and services. |
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