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Business Information Systems > Week 3 > Flashcards

Week 3 Flashcards

1
Q

CRM SYSTEM

A

Means of amanging all aspects of a customers relationship with an organisation to endeavour to increase customer loyalty and retention and an organisations profitability

allows identification pattens and create marketing strategies

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2
Q

Importance of Customers

A

Considered as experts because business cannot exist without customers

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3
Q

How does CRM help business

A

find most valuable customers throug RFM formula

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4
Q

RFM formula

A

Recency, frequncy and monetary value

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5
Q

Component of CRM

A

Opperational CRM

Analytical CRM

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6
Q

Operational CRM

A

Direct interaction with customers

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7
Q

Analytical CRM

A

used to analyse customers and make decisions

dig deep into companys historical information

expose patters of behaviour which can be capitalize

enhance and support decision

relies on data warehousing and business intelligence

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8
Q

Marketing Operational CRM

A

List generator

campaign management systems

cross selling and up selling

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9
Q

List generator

A

compiles customer information from variety of sources

segment information

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10
Q

Campaign management systems

A

guide users through marketing campaigns

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11
Q

Cross selling

A

selling additional products or services

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12
Q

Up selling

A

increasing the value of the sale

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13
Q

Sales Operational CRM

A

Sales Management CRM systems

Contact management CRM Systems

Opportunity management CRM systems

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14
Q

Sales Management CRM Systems

A

Automates each phase of the sales process

help organanize sales account

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15
Q

Contact Management CRM Systems

A

Maintains customer contact information and identifies prospective customers for future sales

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16
Q

Opportunity Management CRM system

A

Targets sales opportunities by finding new customers or companies for future sales

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17
Q

Customer Service Operational CRM

A

Contact centre

Web based self service

Call scripting

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18
Q

Contact centre

A

customer service representatives answer inquiries

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19
Q

Web-based self service

A

use web to find answers

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20
Q

Call scripting

A

access organisational databases that track similar issues and automatically generate the details of the CSR who can then relay them to the customer

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21
Q

Social CRM (SCRM)

A

Social Media +

CRM systems

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22
Q

Social media

A

Technologies used in the social web for social interaction

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23
Q

How can SCRM support Analytical CRM

A

storage and analysis of structured and unstructured social media data

analysis of social media content (opinion, influencer)

analysis of connections between postings and tracking of authors across several social media (forums, reddit)

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24
Q

How can SCRM support Operational CRM

A

Support sales and transaction activities (social media advertising)

provide channels for customer inreaction

support customer service and after sales

respond to reviews on social networks

answering customers requests

involving of partners where forums are used to discuss problems and issues

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25
Q

Supply chain management

A

refers to the management of information flows between and among stages in a supply chain to maximize total supply chain effectiveness and profitability

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26
Q

supply chain

A

all parties involved directly or indirectly in obtaining raw materials or a product

27
Q

Supply Chain Process

A

Procurement

Manufacture

Package and move products

28
Q

Upstream supply chain

A

PROCUREMENT

Activities of a company and their connections with their suppliers

29
Q

Value Chain

A

OPERATIONS, MANUFACTURING, INVENTORY CONTROL

Internal supply chain

All inhouse processess used in transforming the inputs received into the orgnanisations outputs

30
Q

Downstream supply chain

A

DISTRIBUTION, WAREHOUSING, LOGISTICS, AFTER SALE SERVICE

delivery products to retailers

31
Q

IT Role in Supply Chain

A

creating integration of business process and information between

customers
suppliers
transportation providers

32
Q

Supply Chain planning system (SCP)

A

uses advanced mathematical algorithms to improve the flow and efficiency of the supply chain while reducing inventory

33
Q

Supply Chain Execution system (SCE)

A

automates the different steps and stages of the supply chain

increase visibility and provide real time data to demand and needs

can help increasing profitability

34
Q

SCM MEtrics

A

Backorder

Customer order promised cycle time

Customer order actual cycle time

Inventory replenishment cycle time

Inventory turns (inventory turnover)

35
Q

Back order

A

an unfilled customer order

36
Q

Customer Order Promised cycle Time

A

the gap between purchase order creation date and the requested delivery date

37
Q

Customer order actual cycle timie

A

Average time taken to fulfill customers order

38
Q

Inventory Replenishment cycle time

A

manufacturing cycle time + time of deployment of product to distribution centre

39
Q

Inventory Turns

A

Inventory turnover/ cycles for a company per year

40
Q

Issues with Supply Chain

A

Globalization of manufacturing operation (need global network)

Safety and quality of products

Shorter lead time, less inventory and better throughput (need lean product strategy)

41
Q

e business

A

conducting business on the internet

buying + selling + serving customers + collaborate with partners

42
Q

e business model

A

plan to conduct e business

b2b, b2c, c2c, c2b

43
Q

B2B

A

Business to business

buying and selling each other over the internet i.e. e marketplace

44
Q

E Marketplace

A

interactive business communities providing a central market where multiple buyers and sellers can engage in e biz activities

45
Q

Goal of e-marketplace

A

increase efficiency by tightening and automating relationship between buyers and sellers

46
Q

B2C

A

business that sells to customers over the internet

47
Q

e shop

A

b2c model

online retail

48
Q

Pure play (b2c)

A

Virtual business , no physical store i.e. amazaon.com

49
Q

clicks and mortar business (b2c)

A

physical store and internet i.e. ikea

50
Q

e mall

A

consists a number of e shops

51
Q

C2B

A

customer selling to business i.e. istockphoto.com

52
Q

C2C

A

customer selling customer

sites offering goods and services to assist consumers interacting with each other over the internet

53
Q

Generating income via e business

A

Content provider (digital content ->itunes)

Infomediaries (specialized information)

Online marketplace (bring together buyers and sellers)

Portals (google)

Service providers (youtube)

Transaction progers (rakuten)

54
Q

E business Revenue models

A

Advertising Fee

License Fee

Subscription Fee

Transaction Fee

55
Q

Advertising Fee benefit

A

well targeted -> value adding

easy to implement

56
Q

Advertising Fee Challenges

A

Limited revenue potential

Overdone can be poorly targeted

57
Q

License Fee Benefits

A

creates incentives to do many transactions

participants are locked in

58
Q

License Fee Challenges

A

Upfront fee is a barrier

Price differentiation is a challenge

59
Q

Subscription Fee benefits

A

Creates incentives to do a transaction

Price can be differentiated

ay build additional revenue from new user groups

60
Q

Subscription Fee Challenges

A

Fixed barriers to entry for participants

61
Q

Transaction fees Benefits

A

Tied to savings

revenue source when trx volume is reached

62
Q

Transaction fees Challenges

A

process savings must be visible

decrease with time

63
Q

Advantages of e business

A

Expand global reach

access to real time information

opening new markets

reducing costs (office, less humans)

improving operations

improving effectiveness

Business Information Systems (3 decks)

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