1.
What is your
understanding of CRM?
Customer Relationship Management involves managing all aspects of a
customer’s relationship with an organization to increase customer loyalty and
retention as well as organizations profitability. CRM allows an organization
to gain insights into customers’ shopping and buying behaviors.
- Compare operational and analytical customer
relationship management.
Operational customer relationship management
supports traditional transactional processing for day-to-day front-office
operations systems that deal directly with the customers. Whereas, analytical
customer relationship management supports back-office operations and
strategic analysis and includes all systems that do not deal directly with
the customers.
3.
Describe and
differentiate the CRM technologies used by marketing departments and sales
departments
The customer relationship management technologies allows businesses to
gather and analyse customer information to deploy successful marketing
campaigns, therefore marketing departments are able to transform to this new
way of doing business by using CRM technologies. In addition to this is
customer relationship management technologies used by sales departments were
the first to begin developing CRM systems. Sales departments had two primary
reasons to track customer sales information electronically.
1) Sales
representatives were struggling with the overwhelming amount of customer
account information they were required to maintain and track.
2) Companies were
struggling with the issues that much of their vital customer and sales
information remained in the heads of their sales representatives.
4. How could a sales department use operational CRM technologies?
Operational
customer relationship management supports traditional transactional
processing for day-to-day front-office operations or systems that deal directly
with the customers. A sales department could help automate each phase of the
sales process, helping individual sales represent co-ordinate and organise
all of accounts. Features include, calendars to help plan customer meetings,
alarm reminds signalling important tasks, customisable multimedia
presentations and document generation.
5. Describe
business intelligence and its value to businesses
Business
intelligence (BI) refers to applications and technologies that are used to
gather, provide access to and analyze data and information to support
decision-making efforts. Business intelligence has a high value to business
as it allows for systems and tools of business users to receive data for
analysis.
6. Explain the
problem associated with business intelligence. Describe the solution to this
business problem
The
problem associated with business intelligence is experience, knowledge and
the rule of thumb taking years to develop as some employees never acquire
them. To improve the quality of business decisions, managers can provide
existing staff with BI systems and tools that can assist them in making
better, more informed decisions. The result creates an agile intelligent
enterprise.
7. What are two
possible outcomes a company could get from using data mining?
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