What is your understanding of CRM?
Customer Relationship Management involves the managing of all aspects of customer interactions with an organisation with the intention of increasing good customers and increasing profitability-it costs less to retain loyal customers than find new ones. CRM has become an integral component of modern business.
Customer Relationship Management involves the managing of all aspects of customer interactions with an organisation with the intention of increasing good customers and increasing profitability-it costs less to retain loyal customers than find new ones. CRM has become an integral component of modern business.
Compare operational and analytical customer relationship management.
Operational CRM supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers. Analytical CRM on the other hand, supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers.
Describe and differentiate the CRM technologies used by marketing departments and sales departments
The Customer Relationship Management technologies used by marketing departments are campaign management and opportunity management. Campaign and opportunity management includes information such as costs, target audience and return on investment.
The CRM technologies used by sales departments essentially allows for the streamlining of the sales process. CRM technologies in this department are used to coordinate the sales process, by helping salespeople organise their jobs, calendars, contacts, appointments, meetings and multimedia presentations.
How could a sales department use operational CRM technologies?
A sales department can use CRM technologies for a number of things which include:
- List generators, e.g. to find information a particular customers in a particular demographic.
- Campaign management.
- To know when and what to up-sell and cross-sell.
Describe business intelligence and its value to businesses
Business intelligence refers to technologies that provide access to data for strategic decision making. It is a long-term tool that supports decision making. It is valuable to a business as it allows managers to find patterns and trends, and better respond to change in the dynamic business environment.
Explain the problem associated with business intelligence. Describe the solution to this business problem.
The problem with business intelligence is that although businesses are data rich, their information is poor. The solution to this business problem is the use of business intelligence because it allows for better decision making to take place and also reduces latency.
What are two possible outcomes a company could get from using data mining?
The benefits a business could get from data mining are:
- Better use of resources.
- More sales through being able to better market products based on the intelligence gained by data mining.
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