CRM and Big Data Overview

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Questions and Answers

What is a key benefit of customization strategies in customer relationship management?

Reduces marketing efforts

Limits customer engagement

Improves customer services (correct)

Increases product prices

How does big data contribute to understanding customer preferences?

By uncovering hidden connections in behavior (correct)

Through the analysis of random data points

Through limited data sources

By providing less accurate information

Which statement best describes the interaction customers have with organizations?

Customers avoid sharing their experiences online.

Customers only engage through formal channels.

Customers can generate data from various activities. (correct)

Customer interactions are limited to feedback forms.

Why is velocity an important feature of big data analytics in CRM?

It enables quick responses to customer inquiries. Signup and view all the answers

What role does customer feedback play in product development?

It can lead to better products than competitors. Signup and view all the answers

What advantage do CRM staff gain from utilizing big data?

Enhanced understanding of customer patterns Signup and view all the answers

What is one way customers voluntarily provide data?

Through click stream activities on websites Signup and view all the answers

Which benefit does effective customer engagement provide to an organization?

Loyalty and brand recognition Signup and view all the answers

What is a key factor influencing the acceptance of social CRM?

Understanding of target audiences Signup and view all the answers

Which publication discusses public policies based on social networks?

Public policies based on social networks for the introduction of technology Signup and view all the answers

Which aspect is important for managing relationships according to the communication-based marketing model?

Effective messaging Signup and view all the answers

What is the focus of the research by Almunawar and Anshari in 2014?

E-health through social CRM Signup and view all the answers

What year was the state of Web 2.0 published?

2006 Signup and view all the answers

Which authors discuss the role of big data in customer relationship management?

Almunawar and Anshari Signup and view all the answers

What strategy is highlighted in 'CRM at the Speed of Light'?

Social CRM 2.0 strategies Signup and view all the answers

What is the main theme of the study on trains and Twitter?

Firm-generated content Signup and view all the answers

What is one key function of Customer Relationship Management (CRM)?

To record and analyze customer interactions Signup and view all the answers

How does big data analytics contribute to healthcare for newborns?

By monitoring heart rates to ensure safety Signup and view all the answers

What is a significant benefit of cloud computing in the context of big data?

It enhances the reliability of data analytics Signup and view all the answers

What percentage of marketers have effective solutions for collecting and analyzing big data?

8% Signup and view all the answers

What technology is used by Toyota Prius to ensure safety on the road?

Cameras, GPS, and sensors Signup and view all the answers

What role does big data play in reducing maintenance costs?

It predicts equipment failures Signup and view all the answers

What is a characteristic of Web 2.0 platforms mentioned in the content?

Emphasis on user collaboration and sharing Signup and view all the answers

What aspect of cloud computing is highlighted as critical for business operations?

Responsiveness to service outages Signup and view all the answers

What are some potential benefits of big data analytics?

Wider market reach Signup and view all the answers

Which entity is associated with the discussion on big data and industrial challenges?

IEEE Symposium on Computers and Communication Signup and view all the answers

What is a key concern regarding big data analytics?

Security and privacy issues Signup and view all the answers

What is a main theme discussed in the work of S. Reddy?

Big data's role in detecting infections Signup and view all the answers

Which of the following is noted as a major component of the big data ecosystem?

Data storage solutions Signup and view all the answers

What emerging technology is mentioned in conjunction with big data?

Cloud computing Signup and view all the answers

Which topic does D. Agrawal primarily focus on?

Cloud computing and big data Signup and view all the answers

What challenge is implied by B. Marr regarding the applications of big data?

Potential misuse of data Signup and view all the answers

Which of the following articles discusses the value of big data analytics in marketing decisions?

Creating Value with Big Data Analytics: Making Smarter Marketing Decisions Signup and view all the answers

What is a primary focus of the systematic review conducted by S.Akter and S.F.Wamba?

Big data analytics in e-commerce Signup and view all the answers

Which company formed a partnership with IBM to leverage data analytics?

Twitter Signup and view all the answers

What aspect of user experience does J.Schectman's article focus on?

Improving video streaming through big data Signup and view all the answers

Which article addresses the intersection of social media, CRM, and big data technologies?

Social Customer Relationship Management: Taking Advantage of Web 2.0 Signup and view all the answers

Which of the following authors contributed to a framework for analyzing market-based assets and shareholder value?

R.K. Srivastava Signup and view all the answers

What is the primary research focus of Z.Sun and K.Strang’s article?

Business analytics in enterprise information systems Signup and view all the answers

Which publication year is associated with the article discussing best practices in utilizing big data in marketing?

2014 Signup and view all the answers

What is one benefit of big data in understanding customer expectations?

It enables quicker and more accurate customer feedback. Signup and view all the answers

How do companies like Starbucks utilize big data?

To evaluate customer reactions to new products. Signup and view all the answers

Which of the following is NOT a challenge faced by companies using big data in CRM?

The lack of customer loyalty. Signup and view all the answers

What does Amazon.com achieve by utilizing big data analytics?

It recognizes patterns in customer shopping behavior. Signup and view all the answers

How does big data contribute to cost efficiency in CRM activities?

By speeding up the identification of effective CRM strategies. Signup and view all the answers

What aspect of big data allows companies to gain a competitive advantage?

The ability to collect and analyze vast amounts of data. Signup and view all the answers

What is a primary purpose of social media analytics in relation to big data?

To evaluate customer interactions on social platforms. Signup and view all the answers

Which statement best describes a potential drawback of big data?

It can lead to overwhelm without proper expertise and tools. Signup and view all the answers

Study Notes

Customer Relationship Management and Big Data

Big data is a key element in modern Customer Relationship Management (CRM) strategies for personalizing and customizing services.
Big data is characterized by its volume, velocity, variety, veracity, and value, encompassing both structured and unstructured data.
Big data requires new tools and techniques for capture, storage, and analysis to improve decision-making and enhance customer management.
CRM with big data enables more aggressive marketing strategies, such as push notifications on smartphones to target audiences.

Big Data Characteristics

Volume: Processing massive data sets.
Velocity: Real-time data processing.
Variety: Diverse data formats (structured/unstructured).
Veracity: Data authenticity and reliability.
Value: Extracted value from data analysis.

Big Data in CRM

Big data provides insights into customer behavior and preferences.
Big data helps in customer profiling, enabling personalization and customization.
Businesses use big data to understand customer needs and create targeted marketing strategies.
Social CRM is a new approach to managing customer relationships through social media and other web 2.0 platforms.

Challenges of Big Data in CRM

Limited technical support and expertise.
Difficulty in tracing customer behavior across online and offline channels.
Integrating big data into existing CRM strategies and tools.
Data authenticity and reliability concerns.

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Description

This quiz explores the vital role of big data in enhancing Customer Relationship Management strategies. It examines big data's key characteristics and its application in understanding customer behavior and preferences for improved marketing tactics. Test your knowledge of how these concepts integrate to optimize CRM.