Study Guides (248,518)
Canada (121,606)
Administration (1,205)
ADM2372 (45)
All (20)

ADM 2372 - Chapter 6 Notes - Customer Relations Management.docx

5 Pages
149 Views
Unlock Document

Department
Administration
Course
ADM2372
Professor
All Professors
Semester
Winter

Description
thADM 2372Management Information SystemsMarch 26 2012 Chapter 6 Customer Relationship Management61 CRM FundamentalsIntroductionCustomer Relationship Management CRM Managing all aspects of a customers relationship with an organization to increase customer loyalty retention and an organizations profitabilityBusiness Benefits of CRMCRM enables an organization to 1 provide better customer service 2 make call centers more efficient 3 crosssell products more effectively 4 help sales staff close deals faster 5 simplify marketing and sales processes 6 discover new customers and increase revenuesOrganizations can find their most valuable customers through RFMRecency Frequency and Monetary valueoRecency How recently a customer purchased an item or itemsoFrequency How often a customer purchases itemsoMonetary How much a customer spends on each purchaseEvolution of CRM1CRM Reporting Technology Help organizations identify their customers across other applicationsAsking what happened2CRM Analysis Technologies Help organizations segment their customers into categories such as best and worst customersAsking why it happened3CRM Predicting Technologies Help organizations make predictions regarding customer behaviour such as which customers are at risk of leavingAsking what will happenIt takes time to evolve through the stages but with time the business value of each stage increasesOperational and Analytical CRMOperational CRM Supports traditional transactional processing for daytoday frontoffice operations or systems that deal directly with the customersoSales systems marketing systems and customer service systemsAnalytical CRM Supports backoffice operations and strategic analysis and includes all systems that do not deal directly with the customers oCollaborative CRM system data warehouse and data mining
More Less

Related notes for ADM2372

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit