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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
Supply chain management
refers to the management of information flows between and among stages in a supply chain to maximize total supply chain effectiveness and profitability
26
supply chain
all parties involved directly or indirectly in obtaining raw materials or a product
27
Supply Chain Process
Procurement Manufacture Package and move products
28
Upstream supply chain
PROCUREMENT Activities of a company and their connections with their suppliers
29
Value Chain
OPERATIONS, MANUFACTURING, INVENTORY CONTROL Internal supply chain All inhouse processess used in transforming the inputs received into the orgnanisations outputs
30
Downstream supply chain
DISTRIBUTION, WAREHOUSING, LOGISTICS, AFTER SALE SERVICE delivery products to retailers
31
IT Role in Supply Chain
creating integration of business process and information between customers suppliers transportation providers
32
Supply Chain planning system (SCP)
uses advanced mathematical algorithms to improve the flow and efficiency of the supply chain while reducing inventory
33
Supply Chain Execution system (SCE)
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
SCM MEtrics
Backorder Customer order promised cycle time Customer order actual cycle time Inventory replenishment cycle time Inventory turns (inventory turnover)
35
Back order
an unfilled customer order
36
Customer Order Promised cycle Time
the gap between purchase order creation date and the requested delivery date
37
Customer order actual cycle timie
Average time taken to fulfill customers order
38
Inventory Replenishment cycle time
manufacturing cycle time + time of deployment of product to distribution centre
39
Inventory Turns
Inventory turnover/ cycles for a company per year
40
Issues with Supply Chain
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
e business
conducting business on the internet buying + selling + serving customers + collaborate with partners
42
e business model
plan to conduct e business b2b, b2c, c2c, c2b
43
B2B
Business to business buying and selling each other over the internet i.e. e marketplace
44
E Marketplace
interactive business communities providing a central market where multiple buyers and sellers can engage in e biz activities
45
Goal of e-marketplace
increase efficiency by tightening and automating relationship between buyers and sellers
46
B2C
business that sells to customers over the internet
47
e shop
b2c model online retail
48
Pure play (b2c)
Virtual business , no physical store i.e. amazaon.com
49
clicks and mortar business (b2c)
physical store and internet i.e. ikea
50
e mall
consists a number of e shops
51
C2B
customer selling to business i.e. istockphoto.com
52
C2C
customer selling customer sites offering goods and services to assist consumers interacting with each other over the internet
53
Generating income via e business
Content provider (digital content ->itunes) Infomediaries (specialized information) Online marketplace (bring together buyers and sellers) Portals (google) Service providers (youtube) Transaction progers (rakuten)
54
E business Revenue models
Advertising Fee License Fee Subscription Fee Transaction Fee
55
Advertising Fee benefit
well targeted -> value adding easy to implement
56
Advertising Fee Challenges
Limited revenue potential Overdone can be poorly targeted
57
License Fee Benefits
creates incentives to do many transactions participants are locked in
58
License Fee Challenges
Upfront fee is a barrier Price differentiation is a challenge
59
Subscription Fee benefits
Creates incentives to do a transaction Price can be differentiated ay build additional revenue from new user groups
60
Subscription Fee Challenges
Fixed barriers to entry for participants
61
Transaction fees Benefits
Tied to savings revenue source when trx volume is reached
62
Transaction fees Challenges
process savings must be visible decrease with time
63
Advantages of e business
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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