Exam (elaborations)
ISQS 2340 Exam 3, TTU
- Module
- A level Biology
- Institution
- A Level Biology
ISQS 2340 Exam 3, TTU
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ISQS 2340 Exam 3, TTUCustomer Relationship Management (CRM) - correct answer-provides and organization with
a single complete view of every customer, and provides the customer with a single complete
view of the organization and its extended channels.
Components of CRM System: Contact and Account Management - correct answer-captures
and tracks relevant data about past and planned contacts.
Components of CRM System: Sales - correct answer-provides software tools and data
sources to manage sales activities, and optimizes cross-selling and up-selling.
Cross-selling - correct answer-selling related products to current customers.
Up-selling - correct answer-selling better products than the one currently being used.
Components of a CRM System: Marketing and Fulfillment - correct answer-automates direct
marketing, scheduling, and tracking, assists in scheduling responses and requests while
capturing relevant info for the marketing database.
Components of a CRM System: Customer Service and Support - correct answer-provides
customer service software tools, and real-time access to the customer database.
Call Center Software - correct answer-routes calls to customer support agents.
Help Desk Software - correct answer-provides assistance to customer service agents having
problems with a product or service.
"Help for the help"
Components of a CRM System: Retention and Loyalty Programs - correct answer-enhancing
and optimizing customer retention and loyalty is a major business strategy because:
• costs 6 times more to sell to a new customer.
•dissatisfied customers will tell 8-10 people about bad experience.
•a firm can boost sales by 85% by increasing customer retention by 5%.
•odds of selling to a new customer are 15%, odds of selling to an existing customer are 50%.
•if a firm resolves a service problem quickly, 70% of complaining customers will do business
with them again.
Three Phases of CRM - correct answer-Acquire- CRM helps a new customer perceive value
of a superior product or service.
Enhance- CRM supports superior customer service using cross-selling and up-selling.
Retain- CRM helps identify and reward the most loyal and profitable customers.
, CRM Failures - correct answer-Over 70% of firms plan to implement CRM, but over 50% fail
due to:
•lack of senior management sponsorship.
•improper change management.
•taking on too much too fast.
•poor integration.
•lack of end-user incentives.
Operational CRM - correct answer-supports and synchronizes customer interactions.
Analytical CRM - correct answer-extracts customer info and predicts customer behavior.
Collaborative CRM - correct answer-enables collaboration with customers, suppliers, and
business partners.
Portal-based CRM - correct answer-enables access to customer info and CRM tools.
Enterprise Resource Planning (ERM) - correct answer-a cross-functional software suite that
supports basic internal business processes of a firm.
Value from ERP: Quality and Efficiency - correct answer-improvements in customer service,
production, and distribution.
Value from ERP: Decreased Costs - correct answer-significant reductions in transactions
costs, hardware and software, and IT support staff.
Value from ERP: Decision Support - correct answer-provides cross-functional info that
enables better decision making.
Value from ERP: Enterprise Agility - correct answer-breaks down departmental and
functional walls and enables more flexible, adaptive organizational structure.
Challenges of ERP - correct answer-•Underestimating the complexity of planning,
development, and training necessary for success.
•Failure to involve effected employees.
•Trying to do too much too fast.
•Over-reliance on claims of software vendors and consulting firms.
Trends in ERP - correct answer-•Improvements in integration and flexibility make it easier to
install.
•Extensions to business applications, access to intranets and extranets.
•Broader reach to new users, use of the internet, intranets, and extranets provide links to
customers, suppliers, and partners.
•Adoption of internet technologies enables all of the above.
Supply Chain Management (SCM) - correct answer-a cross-functional inter-enterprise
system using IT to support and manage links between key business processes and
suppliers, customers, and business partners.
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