Show Recommended textbook solutions Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions
Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions
Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions
Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Primary reason firms lose customers is negative customer service experiences CRM (customer relationship management) Technologies that can assist organizations with improving customer service experiences 1. Contact Center: where customer service representatives answer customer inquiries and solve problems by email chat or phone Services provided by
contact centers: 2. Web-based self service:customers use web to find answers to questions or solution to problems -Click to talk functions: allow customers to click on button and talk with a representative via the internet 3. Call scripting: have employees follow a script so same level of customer service (automatically generate details) Integrations allow separate systems to communicate directly with each other 2 common methods used for integrating databases 1. Forward and backward integrations 2. Central Repository both do not entirely eliminate information redundancy, but they do ensure information consistency Enterprise Systems provide enterprise wide support and data access for a firms operations and business processes Enterprise Application Integration (EAI) connects the plans, methods, and tools aimed at integrating separate enterprise systems Legacy System current or existing system that will become the base for upgrading or integrating a new system Middleware several different types of software that sit between and provide connectivity for two or more software applications Enterprise Application Integration (EAI) Middleware takes
a new approach to middleware by packaging commonly used applications together, reducing the time needed to integrate applications from multiple vendors Supply Chain Consists of all parties involved, directly or indirectly, in obtaining raw materials or a product 5 basic Supply Chain Activities (components) 1.
Plan Supply Chain Management (SCM) the management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and corporate profitability (market demand, resource, and capacity constraints, and real time scheduling) -*SCM systems that are effective can enable an organization to have impacts on porters five
forces model SCM performs three main business processes 1. materials flow Benefits of SCM 1. Supply chain visibility: ability to VIEW ALL AREAS up and down supply chain in real time 2. Supply chain planning systems: REDUCE INVENTORY which is good bc we don't want bc its expensive to hold onto 3. Supply chain executive systems: AUTOMATES different activities in supply chain 4. Demand planning systems: generate demand FORECASTS using statistical tools and forecasting techniques
Bullwhip Effect occurs when distorted product-deans info ripples from one partner to the next throughout the supply chain Supply Chain Management (SCM) metrics 1. Back order: an unfilled customer order for a product that is out of stock (don't want) 2. Inventory Cycle Time: time it takes to manufacture product and deliver to retailer (want low) 3. Customer Order Cycle Time: time between purchase of product and delivery (want low) 4. Inventory Turnover: every time we get shit we sell it (want high) * they use these bc supply chain is only as strong as its weakest link so these metrics allow them to measure performance of supply chains to identify weak links Challenges of SCM: Cost and complexity Future of SCM Home-based supply chain- no more running to store to replace products bc store will come to you Fastest Growing SCM components 1. Collaborative Demand Planning: REDUCES INVENTORY= planning 2. Collaborative Engineering: REDUCES COSTS of making products 3. Selling Chain Management: AUTOMATES order processes- applies technology to activities from inquiry to SALE 4. Supply Chain Event Management (SCEM): reduces response time to unexpected events (fast responses) Customer Relationship Management (CRM) means of managing all aspects of a customers relationship with an organization to increase customer loyalty and retention and an organizations profitability (sales forecasts, sales strategies, marketing campaigns) -allows company to gain insights into customers shopping behaviors -* both a technology and a strategy Benefits of CRM identifies customers needs and designing market campaigns tailored to each Can find most valuable customers by RFM formula: recency, frequency, monetary value -After getting this info, firm can analyze it to identify patterns and create marketing campaigns and sales promotions for different customer segments Three Phases of Evolution of CRM 1. Reporting- CRM reporting technologies: identify their customers 2. Analyzing- CRM analysis technologies: find best and worst customers 3. Predicting - CRM predicting technologies: predict/identify which customers are at risk for leaving and their behavior Operational CRM (low pyramid) low pyramid- supports traditional transactional processing for day-to-day front office operations that deal directly with customers Analytical CRM high pyramid- supports back office operations that don't deal directly with customers -strategic analysis or management decisions Three primary operational (low pyramid) CRM Technologies 1. List generator: compile customer list (tells us who they are) 2. Campaign management: GUIDES USERS through marketing campaigns by PERFORMING TASKS 3. Cross-selling and upselling Sales Force Automation (SFA) (top of pyramid) automatically tracks all steps in sales process 3 Primary operational CRM technologies sales department can adopt 1. Sales management CRM systems: AUTOMATES each phase of sales process 2. Contact management CRM Systems: maintains EXISTING CUSTOMER info and identifies prospective customers 3. Opportunity management CRM systems: finds NEW CUSTOMERS for future sales Primary difference between contact management and opportunity management contact management deals with existing customers while opportunity management is new customers. Analytical CRM provide info about customers and products that was once impossible to locate , such as which type of marketing and sales campaign to launch and which customers to target and when USES BI TO IDENTIFY PATTERNS IN PRODUCT SALES AND CUSTOMER BEHAVIORS Website Personalization occurs when a website has stored enough data a person likes and dislikes to fashion offers more likely to appeal to that person Analyze CRM Success by sales metrics: # of new customers customer service metrics: average time to resolution marketing metrics: cost per interaction by marketing campaign Future of CRM make everyone happy Supplier relationship management (SRM): keeping suppliers satisifed by evaluating an categorizing suppliers for different projects. Partner relationship management (PRM): discovers optimal sales channels by selecting the right partners and identifying mutual customers Employee relationship management (ERM): provide web based tools and automate the human resource department employees are backbone Enterprise resource planning (ERP) DOES EVERYTHING, SYSTEM OF ALL SYSTEMS integrates all departments and functions throughout an organization into a single IT system =all of operations feed into one database What is heart of ERP Central database that gathers transactional data from operations systems across the company Primary components of ERP 1. Core ERP components: traditional components included in most ERP systems and focus primarily on internal operations 2. Extended ERP: extra components that focus on external operations Balanced Scoreboard Measures if ERP is working -management system that firms use to translate business strategies into executive tables -uses 4 perspectives to monitor an organization: (vision and
strategy) Unit testing tests individual units or pierces of code for a system What are the three phases of customer relationship management?There are five key stages in the CRM cycle:. Reaching a potential customer.. Customer acquisition.. Conversion.. Customer retention.. Customer loyalty.. What are the 3 phases in CRM quizlet?There are three phases in the evolution of CRM: (1) reporting, (2) analyzing, and (3) predicting.
What are the three 3 focus of CRM?Three common but critical areas that usually reveal themselves are: inconsistent customer experiences, few customer insights, and the biggest of all, bad data. These are also three of the most important areas you must get right during implementation.
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What are the three phases of customer relationship management quizlet?
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