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RMG 300- Exam Review - Chapters 6 - 9, 11, 12.docx

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Retail Management
RMG 300
Norman Shaw

RMG 300 Chapter 6Customer Relationship ManagementCRM involves managing all aspects of a customers relationship with an org to increase customer loyalty and retention and an orgs profitability Switch from salesfocused strategies to customerfocused strategies Allows companies to gain insights into customers shopping and buying behaviour CRM as a business strategy Helps orgs identify customers and design specific marketing campaigns tailored to each customer increasing customer spending Allows orgs to treat customers as individuals gaining important insights into their buying preferences and behaviours leading to increased sales greater profitability and higher rates of customer loyalty Business benefits of CRM Better customer serviceImproved call centre efficiency Crosssell products more effectively Help sales staff close deals fasterSimplify marketing and sales processesDiscover new customersIncrease customer revenues Retention oSingle view of the customerAl transactionsAll customer contact pointsoImproved servicePersonalized FasteroIncreased salesCross sellUpsellAcquisitionoAnalysis of existing customersoWhere to find new customersoSales staff trainingAn org can find its most valuable customers by using a formula that industry insiders call RFMRecency how recently a customer purchased itemsFrequency how frequently a customer purchases itemsMonetary value how much a customer spends on each purchase Evolution of CRM 1Reporting customer identification helps identify their customers across other applications2Analysing customer segmentation helps segment their customers into categories such as best and worst customers3Predicting customer prediction helps make predictions regarding customer behaviour such as which customers are at risk of leaving 2 primary components of CRM 1Operational CRM supports traditional transactional processing for daytoday frontoffice operations or systems that deal directly with customers 2Analytical CRM supports backoffice operations and strategic analysis and includes all systems that do not deal directly with the customers Difference between is the direct interaction between the org and its customers3 primary operational CRM systems a Marketing department can implement
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