Chapter 8 Business Across the Enterprise Quiz

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Questions and Answers

What is the primary goal shared by Customer Relationship Management, Enterprise Resource Planning, and Supply Chain Management?

To streamline external communications

To increase customer loyalty

To improve internal efficiency (correct)

To reduce operational costs

What aspect of customer relationship management involves capturing and tracking relevant data about past and planned contacts?

Enterprise-level management

Supply chain coordination

Customer value proposition

Contact and account management (correct)

In customer-centric businesses, what is the emphasis on?

Price reduction strategies

Customer satisfaction (correct)

Competition with other businesses

Maximizing internal resources

What is the main objective of Enterprise Resource Management systems?

Optimizing internal processes Signup and view all the answers

What is the purpose of providing the organization with a single complete view of every customer in CRM?

To personalize customer interactions Signup and view all the answers

What does Supply Chain Management focus on?

Optimizing distribution channels Signup and view all the answers

What does CRM stand for in the context of the given text?

Customer Relationship Management Signup and view all the answers

What is the purpose of cross-selling in CRM?

Selling related products to current customers Signup and view all the answers

What is the major business strategy related to retention and loyalty programs in CRM?

Enhancing and optimizing customer retention and loyalty Signup and view all the answers

Why do over 50% of CRM projects fail to produce promised results?

Lack of senior management sponsorship Signup and view all the answers

What is the purpose of operational CRM in the context of the given text?

Synchronizing customer interactions Signup and view all the answers

What is the aim of analytical CRM according to the given text?

Extracting customer information and predicting customer behavior Signup and view all the answers

What is the primary function of portal-based CRM based on the given text?

'Enabling access to customer information and CRM tools' Signup and view all the answers

Why is enhancing and optimizing customer retention and loyalty a major business strategy?

A firm can boost sales 85% by increasing customer retention 5% Signup and view all the answers

What are the two primary types of CRM systems mentioned in the given text?

Operational CRM and Analytical CRM Signup and view all the answers

What is the purpose of help desk software in the context of CRM?

Provides assistance for customer service agents having problems with a product/service Signup and view all the answers

Study Notes

Shared Primary Goal

To improve organizational efficiency and effectiveness by streamlining processes and managing customer relationships, resources, and supply chains.

Data Capture and Tracking in CRM

Customer interaction management, which involves recording and managing customer interactions, such as phone calls, emails, and website visits.

Customer-Centric Emphasis

Putting the customer at the center of all business operations and decisions, focusing on understanding and meeting their needs to drive customer satisfaction and loyalty.

Enterprise Resource Management Objective

To integrate all business processes and data into a single system, providing real-time visibility and control over all aspects of the organization.

Single Customer View Purpose

To gain a comprehensive understanding of each customer's interactions, preferences, and behaviors, enabling personalized marketing and customer service.

Supply Chain Management Focus

Optimizing the flow of goods and services from suppliers to customers, minimizing costs and maximizing efficiency throughout the entire supply chain.

CRM Definition

Customer Relationship Management

Cross-Selling Purpose

To leverage customer data to identify and promote related products or services they might be interested in, increasing sales and revenue.

Retention and Loyalty Program Strategy

To build strong customer relationships and encourage repeat business through loyalty programs and incentives.

CRM Project Failure Causes

Lack of clear objectives, inadequate planning, and insufficient user adoption.

Operational CRM Purpose

To automate and streamline customer interactions, improving efficiency and responsiveness in customer service, sales, and marketing.

Analytical CRM Aim

To analyze customer data to gain insights into customer behavior, trends, and preferences, enabling better marketing, sales, and customer service strategies.

Portal-Based CRM Function

To provide customers with a self-service portal where they can access information, track orders, and manage their accounts.

Customer Retention and Loyalty Strategy Importance

Satisfied and loyal customers are more likely to make repeat purchases, generate referrals, and contribute to long-term business success.

Two Primary CRM Types

Operational CRM and Analytical CRM

Help Desk Software Purpose

To manage and resolve customer inquiries, complaints, and issues efficiently, providing timely and effective support.

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Description

Test your understanding of customer relationship management, enterprise resource management, and supply chain management systems. Explore aspects such as business processes, customer and business value, as well as potential challenges and trends.