MIS Test 2 - Ch. 9

Created by jessica_mallett 

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customer relationship management (CRM)

involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability.

CRM benefits

provide better customer service, improve call center efficiency, cross-sell products more effectively, help sales staff close deals faster, simplify marketing and sales processes, discover new customers, increase customer revenues.

CRM reporting technologies

help organizations identify their customers across other applications.

CRM analysis technologies

help organizations segment their customers into categories such as best and worst customers.

CRM predicting technologies

help organizations make predictions regarding customer behavior such as which customers are at risk of leaving.

operational CRM

supports traditional transactional processing for day-to-day front office operations or systems that deal directly with the sutomers

analytical CRM

supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers.

list generator

compile customer information from a variety of sources and segment the information for different marketing campaigns,

campaign management systems

guide users through marketing campaigns performing such tasks as a campaign definition, planning, scheduling, segmentation,and success analysis.

cross selling

selling additional products or services to a customer.

up-selling

increasing the value of the sale.

sales force automation

a system that automatically tracks all of the steps in the sales process.

sales management CRM systems

automate each phase of the sales process, helping individual sales representatives coordinate and organize all of their accounts.

contact management CRM system

maintains customer contact information and identifies prospective customers for future sales. include things like maintaining organizational charts, detailed customer notes, and supplemental sales information.

opportunity management CRM systems

target sales opportunities by finding new customers or companies for future sales.

3 primary operational CRM technologies

contact center, web-based self service, call scripting

contact center

where the customer service representatives answer customer inquiries and respond to the problems through a number of different customer touchpoints.

automatic call distribution

a phone switch routes inbound calls to available agents.

interactive voice response

directs customers to touch-tone phones or keywords to navigate or provide information.

predictive dialing

automatically dials outbound calls and when someone answers, the call is forwarded to an available agent.

web-based self service systems

allow customers to use the web to find answers to their questions or solutions to their problems.

click-to-talk

these buttons allow customers to click on a button and talk with a CSR via the internet.

call scripting

call scripting systems 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.

personalization

occurs when a website can know enough about a persons likes and dislikes to fashion offers that are more likely to appeal to that person.

Supplier relationship management

focuses on keeping suppliers satisfied by evaluating and categorizing suppliers for different projects, which optimizes supplier section.

partner relationship management

focuses on keeping vendors satisfied by managing alliance partner and reseller relationships that provide customers with the optimal sales channel.

employee relationship management

provides employees with a subset of CRM applications available thought a web browser. (assist the employee in dealing with customers by providing detailed information on company products, services, and customer orders.)

business intelligence

refers to applications and technologies that are used to gather, provide access to, and analyze data and information to support decision making efforts.

data latency

the time duration to make data ready for analysis.

analysis latency

the time from which data are made available to the time when analysis is complete.

decision latency

the time it takes a human to comprehend the analytic result and determine an appropriate action.

data mining

the process of analyzing data to extract information not offered by the raw data alone

data mining tools

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.

classification

assign records to one of a predefined set of classes

estimation

determine values for an unknown continuous variable behavior or estimated future value

affinity grouping

determine which things go together.

clustering

segment a heterogeneous population of records into a number of more homogeneous subgroups.

cluster analysis

a technique used to divide an information set into mutually exclusive groups such that the members of each group are as close together as possible to one another and the different groups are as far apart as possible

association detection

association detection reveals the degree to which variables are related and the nature and frequency of these relationships in the information

market basket analysis

analyzes such items as websites and checkout scanner information to detect customers' buying behavior and predict future behavior by identifying affinities among customers' choices of products and services.

statistical analysis

performs such functions as information correlations, distributions, calculations, and variance analysis.

forecasts

predictions made on the basis of time series information

time-series information

time stamped information collected at a particular frequency

quantifiable benefits

include working time saved in producing reports, selling information to suppliers, etc.

indirectly quantifiable benefits

can be evaluated thought indirect evidence - improved customer service means new business from the same customer, and differentiated service brings new customers.

unpredictable benefits

result of discoveries made by creative users

intangable benefits

improved communication throughout the enterprise, improved job satisfaction, of empowered users, and improved knowledge sharing.

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