Page 265 - DMGT308_CUSTOMER_RELATIONSHIP_MANAGEMENT

Customer Relationship Management

Notes 10.5 Keywords

Close Loop Marketing: Campaigns that send communications based on a prospect’s previous
actions and their place in the buying cycle.

CRM Life Cycle: Customer life cycle is a term used to describe the progression of steps a customer
goes through when considering, purchasing, using, and maintaining loyalty to a product or
service.
CRM Process: It is defined as any group of action that is instrumental in the achievement of the
output of an operation system, in accordance with a specified measure of effectiveness.
CRM Strategy: It takes direction and financial goals from the business strategy, and revisits the
marketing strategy to customize it.

CRM: It can be described as Web-enabled sales and marketing tool that synergistically combines
the functionalities of database marketing, one-to-one marketing and Sales Force Automation
(SFA).

Customer Service: Customer service is the provision of service to customers before, during and
after a purchase.
Map the CRM Process: For ease of understanding and to map the CRM process, the marketing
organisation may follow along the lines of know, relate and connect.
Marketing Strategy: A company’s projected marketing campaign that identifies resources
available as well as past and future marketing capabilities.

10.6 Review Questions

1. Discuss in detail the concept of CRM Strategy.
2. Discuss various phases of CRM system life cycle.
3. What is meant by customer life cycle?

4. What is a business strategy?
5. What are the building blocks of CRM?
6. Discuss the ways to map the CRM process.
7. What is closed loop marketing?

Answers: Self Assessment

1. Three 2. Third stage

3. Segment customers 4. Corporate financial
5. CRM strategy 6. Six
7. Adoption 8. Retirement
9. Acquisition 10. Evolution
11. Eight 12. Framework

13. Organizational collaboration 14. CRM Visison
15. Not

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