MISY 5380 - CRM - Ch. 2 The History and Development of CRM questions n answers 2023/2024

MISY 5380 - CRM - Ch. 2 The History and Development of CRMRelationship Marketing - correct answer ► focuses on maintaining a continuous relationship with customers and building long-term bonds ► long-term bonds teach companies more about the customer's needs ► knowledge of a customer's needs allows companies to provide personalized and one-on-one service Forces driving marketers to focus on customer relationships - correct answer ► technological advances in IT enabling companies to record details from every transaction and enter into a dialogue with their customers ► large-scale growth of direct marketing enabled more and more companies to enter into one-to-one relationships with their customers ► marketing academicians pointed out that acquiring customers was only the first step in the marketing process ► consultants wrote a number of very influential articles stating that customer retention was the key to corporate profitability and that downward migration was even a greater cause of company losses Concepts of trust and commitment to one's partner - correct answer Marketers introduced them to supplement the concept of satisfaction in attempting to explain the dynamics underlying long-term relationships. The focus of one-to-one marketing through mass customization - correct answer adapting a product or offering for a customer and is a product-centric approach The focus of relationship marketing and CRM - correct answer the maintenance of long-term relationships between customers and partners ► involve analytical and operational components ► extend beyond functional borders ► need to be encompassed by the entire enterprise ► customers with whom you want to maintain relationships Marketing research - correct answer ► measure customer satisfaction ► focuses on market segments as opposed to individuals Total Quality Management (TQM) - correct answer a management philosophy based on improving quality while reducing costs throughout the value chain B2B Relationships - correct answer the underlying process involves relationships in which two parties are acquainted and through dialogue, associations become stronger and deeper Materials Resource Planning (MRP) - correct answer focuses on production planning and inventory systems in order to manage manufacturing processes Enterprise Resource Planning (ERP) - correct answer ► later version of MRP ► automates a company's system integration through a software application ► usually an integrated relational database system ERP manages information for... - correct answer • finance/accounting • manufacturing • sales • CRM • inventories SAP - correct answer ► a company that integrated traditional MRP functions with accounting ► established customer data warehouses Customer Contact Center - correct answer ► telemarketing technology led to the development ► new technologies and evaluation metrics are constantly introduced Sales Force Automation (SFA) - correct answer • developed and introduced to improve the capture of customer and prospect information • provides real-time information Today's Sales Force Automation (SFA) tools - correct answer ► control follow-up with potential customers ► allow sales teams to collaborate in real time ► identify client decision makers ► track customer account histories ► monitor leads and follow-up strategies ► provides sales personnel with company presentations, handbooks, proposal and contract forms, and so on that they need to manage their business Sales Force Automation (SFA) functions now reside... - correct answer on headquarters' Web servers instead of salespeople's laptops to ensure the information is the most current possible Campaign Management Tools - correct answer introduced to contain excessive costs associated with media buys for mass-marketing promotional campaigns Initial CRM campaign management techniques... - correct answer were based on customer lists containing variables that companies could target for smaller, more focused promotional campaigns Point Solution - correct answer CRM systems started with the goal of satisfying the needs of a single department or function └ departments and functions used local databases, and none were linked Data warehouse - correct answer ► centralized functional database ► introduced to provide a single vision of the customer Integrated View of the Customer (IVOC) - correct answer ► 360-degree view of the customer ► customer data comes from all business areas