Term
| Customer Relationship Management |
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Definition
| Involves the managing of all aspects of a customer’s relationship with an organization to increase customer loyalty and retention and an organization’s profitability |
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Definition
| Supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with customers |
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Definition
| Compile customer information from a variety of sources and segment the information for different marketing campaigns |
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Definition
| Guide users through marketing campaigns performing such tasks as campaign definition, planning, scheduling, segmentation, and success analysis |
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Definition
| Selling additional products or services to a customer |
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Definition
| Increasing the value of the sale |
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Term
| Sales Management CRM system |
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Definition
| Automate each phase of the sales process, helping individual sales representatives coordinate and organize all of their accounts |
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Term
| Opportunity Management CRM system |
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Definition
| Target sales opportunities finding new customers or companies for future sales |
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Term
| Contact Management CRM system |
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Definition
| Maintains customer contact information and identifies prospective customers for future sales |
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Definition
| Where customer service representatives answer customer inquiries and respond to problems through a number of different customer touchpoints |
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Term
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Definition
| Allows customers to use the web to find answers to their questions or solutions to their problems |
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Term
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Definition
| Access organizational databases that track similar issues or questions and automatically generate the details for the CSR who can then relay them to the customer |
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Term
| Analytical CRM and examples |
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Definition
Give customers more of what they want
Find new customers similar to the best customers
Find out what the organization does best
Beat competitors to the punch
Reactivate inactive customers
Let customers know they matter |
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Term
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Definition
| Supports back office operations or systems that deal directly with the customers |
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Term
| CRM pointers for gaining perspective customers |
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Definition
Get their attention
Value their time
Overdeliver
Contact frequently
Generate a trustworthy mailing list
Follow up |
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Term
| Supplier Relationship Management |
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Definition
| Focuses on keeping suppliers satisfied by evaluating and categorizing suppliers for different projects, which optimizes supplier selection |
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Term
| Partner Relationship Management |
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Definition
| Focuses on keeping vendors satisfied by managing alliance partner and reseller relationships that provide customers with the optimal sales channel |
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Term
| Employee Relationship Management |
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Definition
| Provides employees with a subset of CRM applications available through a web browser |
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Term
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Definition
| refers to applications and technologies that are used to gather, provide access to, and analyze data and information to support decision-making efforts |
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Term
| BI Problems, Data vs. Information |
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Definition
Data in systems is growing and doubling every year
With all of the data abaliable, it is very difficult to get answers of questions to clients
Many companies keep information in disparate silos of info, therefore information has to be requested from other departments
The challenge is to transform data into useful information |
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Term
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Definition
| Helps with immediate actions, results in sales revenue |
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Term
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Definition
| Helps with daily analysis, results in refined campaign |
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Term
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Definition
| Helps with planning, results in marketing campaign |
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Term
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Definition
| Process of analyzing data to extract information not offered by raw data alone |
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Definition
| Use a variety of techniques to find patterns and relationships in large volumes of information and infer rules from them that predict future behavior and guide decision making |
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Term
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Definition
| Assign records to one of a predefined set of classes |
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Definition
| Determine values for an unknown continuous variable behavior or estimated future value |
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Definition
| Determines which things go together |
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Definition
| Predictions made on the basis of time-series information |
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Term
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Definition
| Time-stamped information collected at a particular frequency |
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Definition
| Reveals the degree to which variables are related and the nature and frequency of these relationships in the information |
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Term
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Definition
| Analyzes such items as websites and checkout scanner information to detect customers’ buying behavior and predict future behaviors by identifying affinities among customers’ choices of products and services |
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Definition
| Segment a heterogeneous population of records into a number of more homogeneous subgroups |
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