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K204 Quiz 9
Quiz 9 flashcards
34
Business
Undergraduate 1
03/27/2012

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Term
Customer Relationship Management
Definition
Involves the managing of all aspects of a customer’s relationship with an organization to increase customer loyalty and retention and an organization’s profitability
Term
Operational CRM
Definition
Supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with customers
Term
List Generator
Definition
Compile customer information from a variety of sources and segment the information for different marketing campaigns
Term
Campaign management
Definition
Guide users through marketing campaigns performing such tasks as campaign definition, planning, scheduling, segmentation, and success analysis
Term
Cross-Selling
Definition
Selling additional products or services to a customer
Term
Up-Selling
Definition
Increasing the value of the sale
Term
Sales Management CRM system
Definition
Automate each phase of the sales process, helping individual sales representatives coordinate and organize all of their accounts
Term
Opportunity Management CRM system
Definition
Target sales opportunities finding new customers or companies for future sales
Term
Contact Management CRM system
Definition
Maintains customer contact information and identifies prospective customers for future sales
Term
Contact Center
Definition
Where customer service representatives answer customer inquiries and respond to problems through a number of different customer touchpoints
Term
Web-Based Self Service
Definition
Allows customers to use the web to find answers to their questions or solutions to their problems
Term
Call Scripting
Definition
Access organizational databases that track similar issues or questions and automatically generate the details for the CSR who can then relay them to the customer
Term
Analytical CRM and examples
Definition
Give customers more of what they want
Find new customers similar to the best customers
Find out what the organization does best
Beat competitors to the punch
Reactivate inactive customers
Let customers know they matter
Term
Analytical CRM
Definition
Supports back office operations or systems that deal directly with the customers
Term
CRM pointers for gaining perspective customers
Definition
Get their attention
Value their time
Overdeliver
Contact frequently
Generate a trustworthy mailing list
Follow up
Term
Supplier Relationship Management
Definition
Focuses on keeping suppliers satisfied by evaluating and categorizing suppliers for different projects, which optimizes supplier selection
Term
Partner Relationship Management
Definition
Focuses on keeping vendors satisfied by managing alliance partner and reseller relationships that provide customers with the optimal sales channel
Term
Employee Relationship Management
Definition
Provides employees with a subset of CRM applications available through a web browser
Term
Business Intelligence
Definition
refers to applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts
Term
BI Problems, Data vs. Information
Definition
Data in systems is growing and doubling every year
With all of the data abaliable, it is very difficult to get answers of questions to clients
Many companies keep information in disparate silos of info, therefore information has to be requested from other departments
The challenge is to transform data into useful information
Term
Operational BI benefits
Definition
Helps with immediate actions, results in sales revenue
Term
Tactical BI Benefits
Definition
Helps with daily analysis, results in refined campaign
Term
Strategic BI Benefits
Definition
Helps with planning, results in marketing campaign
Term
Data Mining
Definition
Process of analyzing data to extract information not offered by raw data alone
Term
Data Mining Tools
Definition
Use a variety of techniques to find patterns and relationships in large volumes of information and infer rules from them that predict future behavior and guide decision making
Term
Classification
Definition
Assign records to one of a predefined set of classes
Term
Estimation
Definition
Determine values for an unknown continuous variable behavior or estimated future value
Term
Affinity Grouping
Definition
Determines which things go together
Term
Forecasts
Definition
Predictions made on the basis of time-series information
Term
Time-Series Information
Definition
Time-stamped information collected at a particular frequency
Term
Association Detection
Definition
Reveals the degree to which variables are related and the nature and frequency of these relationships in the information
Term
Market Basket Analysis
Definition
Analyzes such items as websites and checkout scanner information to detect customers’ buying behavior and predict future behaviors by identifying affinities among customers’ choices of products and services
Term
Clustering
Definition
Segment a heterogeneous population of records into a number of more homogeneous subgroups
Term
Latency
Definition
measure of time delay
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