1. What is your understanding of CRM? I believe Customer Relationship Management (CRM) is used within organisations to increase customer loyalty and interactions with customers - through reviewing/analyising data.
2. Compare operational and analytical customer relationship management. Operational CRM is used day to day within organisations, mainly used directly with customers to provide constant information about their interactions with customers.
Analytical CRM is used behind the scenes and supports strategic analysis and processes. It does not deal with customers directly but it used to provide information about customers - for example market predictions.
3. Describe and differentiate the CRM technologies used by marketing departments and sales departments. Marketing departments use operational CRM technologies - These inlcude List Generator: Complies a customer information for different marketing campagins, Campaign management systems which enable guides for uses through the marketing campaigns and Cross Selling selling additional products/services, and Up-Selling increasing the value of the sale. This looks at the Marketing Metrics which consists of new customer retention rates and number of reposonses/purchases by a marketing campaign, revenue generated and customer retention rate.
Sales looks at more the number of prospective customers, new customers, retained customers and the amount of new revenue and proposals given.
4. How could a sales department use operational CRM technologies?A Sales department could use CRM to retain existing customers and review the number of successful sales.
5. Describe business intelligence and its value to businesses? According to the slides Business Intelligence (BI) is applications and technologies used to gather, provide access to, and analyse data and information to support decisionmaking efforts. It is very valuable to a business and can determine what areas need to be focused on for example customers - looking at how to keep loyal customers and maintain sales. It is valuable within all sectors of an organisation - ensures the right people are hired, determin whether campaigns such as marketing are successful, and on the financial side can determin which activity are producing revenue or losing money.
6. Explain the problem associated with business intelligence. Describe the solution to this business problem The problem associated with business intel is that companies have too much information but are not able to benefit from it - it is impossible for organisations to understand their weaknesses and strengths due to the large amount of data being only accessible to the IT Department. There need to be an shorten time frame for the opportunistic influences on customers and others within the workplace - to ensure all information is adequet and provided when needed.
7. What are two possible outcomes a company could get from using data mining? Data mining is the process where an organisation collects data to find patterns and relationships to classify and predict.
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