1. What is your understanding of CRM?
Customer Relationship Management (CRM) manages all aspects of customer relation. The system developed by Siebel, allows the brokerage firm to trace each interaction with a customer or prospective customer and then provide services (retirement planning, for instance) tailored to each customer’s needs and interests. The system provides Schwab with a complete view of its customers, which it uses to differentiate serious investors from non- serious investors.
2. Compare operational and analytical customer relationship management.
Operational CRM – supports traditional transactional processing for day to day from office operations or systems that deal directly with the customers.
Analytical CRM – supports back office operations and strategic analysis and includes all systems that do not deal with the customers.
The primary difference between operational CRM and Analytical CRM is the direct interaction between the organisation and its customers.
3. Describe and differentiate the CRM technologies used by marketing departments and sales departments
Sales Departments uses Sales force automation (SFA) SFA is a system that automatically tracks all of the steps in the sales process. SFA products focus on increasing customer’s satisfaction, building customer relationships and improving product sales by tracking all sales information.
Marketing Departments uses the following three primary operational CRM technologies to increase customer satisfaction,
• List generator – compile customer information from a variety of sources and segment the information for different marketing campaigns.
• Campaign management – guide users through marketing campaign performing tasks.
• Cross – selling and up – selling – is selling additional products or services to a customer.
4. How could a sales department use operational CRM technologies?
Operational CRMs are suing different technologies to perform tasks for marketing, sales and customer service departments. Operational CRM is day to day – list generators- ability to provide information on specific aspects of business. For example list of customers for marketing in a articulator area, such as guiding users through campaigns, systems that can do up sell and cross sell.
5. Describe business intelligence and its value to businesses
Business Intelligence (BI) refers to applications and technologies that are used to gather and provide access to and analyse data and information to support decision making efforts. Many organisations today find it next to impossible to understand their own strengths and weaknesses let their competitors alone, because the enormous volume of organisational data is inaccessible to all but IT department. Organisational data includes for more than simple fields in a clips, along with numerous new forms of data.
6. Explain the problem associated with business intelligence. Describe the solution to this business problem
2. Compare operational and analytical customer relationship management.
Operational CRM – supports traditional transactional processing for day to day from office operations or systems that deal directly with the customers.
Analytical CRM – supports back office operations and strategic analysis and includes all systems that do not deal with the customers.
The primary difference between operational CRM and Analytical CRM is the direct interaction between the organisation and its customers.
3. Describe and differentiate the CRM technologies used by marketing departments and sales departments
Sales Departments uses Sales force automation (SFA) SFA is a system that automatically tracks all of the steps in the sales process. SFA products focus on increasing customer’s satisfaction, building customer relationships and improving product sales by tracking all sales information.
Marketing Departments uses the following three primary operational CRM technologies to increase customer satisfaction,
• List generator – compile customer information from a variety of sources and segment the information for different marketing campaigns.
• Campaign management – guide users through marketing campaign performing tasks.
• Cross – selling and up – selling – is selling additional products or services to a customer.
4. How could a sales department use operational CRM technologies?
Operational CRMs are suing different technologies to perform tasks for marketing, sales and customer service departments. Operational CRM is day to day – list generators- ability to provide information on specific aspects of business. For example list of customers for marketing in a articulator area, such as guiding users through campaigns, systems that can do up sell and cross sell.
5. Describe business intelligence and its value to businesses
Business Intelligence (BI) refers to applications and technologies that are used to gather and provide access to and analyse data and information to support decision making efforts. Many organisations today find it next to impossible to understand their own strengths and weaknesses let their competitors alone, because the enormous volume of organisational data is inaccessible to all but IT department. Organisational data includes for more than simple fields in a clips, along with numerous new forms of data.
6. Explain the problem associated with business intelligence. Describe the solution to this business problem
Problems - As businesses increase their reliance on enterprise systems such as CRM, they are rapidly accumulating vast amounts of data. Every interactions between departments or with the outside world, historical information on past transaction, as well as external market information, is entered into information systems for future use and access. Worldwide broadband connections are estimated to reach 21% of all households by the end of 2010, according to Garter Inc.
The amount of data generated is doubling every year and some think it will soon begin to double every month. Data are a strategic asset for a business; if the asset is not used, the business is wasting resources.
Solutions – in every organization, employees make hundreds of decisions each day. They can range from weather to give a customer a discount to whether to start production a part, launch another direct – mail campaign, order additional materials and so on. These decisions are sometimes based on facts, but mostly based on experience, accumulated knowledge and rule of thumb.
7. What are two possible outcomes a company could get from using data mining?
Data mining is the application of statistical techniques to find patterns and relationships among data and to classify and predict.
• Data mining represents a convergence of disciplines
• Data-mining techniques emerged from statistics and mathematics and from artificial intelligence and machine-learning fields in computer science.
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.
CRM systems depend on cluster analysis to segment customer information and identify behavioural traits
Association detection – reveals the degree to which variables are related and the nature and frequency of these relationships in the information.
Market basket analysis – analysis web sites and check out statistics to identify buying behaviour and predict future behaviour. This is used for cross selling / up selling.
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