MBA 4th Sem Customer Relationship Management

Q1. Elaborate the philosophy of CRM practiced in retail business. Support your answer with relevant example.
Q2. Explain the CRM process in retail. Do you feel that well planned CRM process is necessary for a retail firm to meet and beat competition? Justify your answer with your arguments.
Q3. Explain how the customer service feedback is sought by the retail firms. What are the emerging trends of CRM in the organized retail?
Q4. Describe the rationale and benefits of CRM in organised retail. How it differs from the CRM process adopted by traditional retail?
Q5. Develop a CRM program for the organized retail format BIGBAZAAR and how you will suggest them to implement the program?

Q6. What aspects need to be measured while monitoring service quality?

Q7.What is the role of technology in the CRM process of retail? Describe the three W’s of technology and support your answer with specific examples.

Q8.Define the following terms and support your answer with specific examples:

1. Web based technology and E- CRM.
2. Customer retention strategies
3. E-tailing
4. Direct Marketing in retail

 

 

Case Study

Case Detail :
“Customer Service: The Nordstrom Way”
The Nordstrom store is known for its exceptional customer service. It is customer service that makes Nordstrom so special. The Nordstrom store differentiates and distinguishes itself from competition through excellent customer service. Customer service is said to be the culture at Nordstrom and the organization has emerged as a world wide example for customer service at retail.
The Nordstrom store targets middle to upper income women and men offering merchandise categories like shoes, apparent, accessories, cosmetics etc. at competitive prices. The chain can boost of a highly motivated,” self-empowered people who have an entrepreneurial spirit, who feel that they are in this to better them and feel good about themselves, to make more money and to be successful.”
To cite an example of customer service at Nordstrom: There was a customer who fell in love with a pair of burgundy, pleated, Donna Karan slacks that had just gone on sale at a Nordstrom store, but the store was out of her size and the sales associate was not able to locate a pair at any other Nordstrom store in the area. Knowing that the same slacks were available with a competitor across the street, the associate secured some petty cash from the department manager, walked across to the competing department store where she bought the slacks at full price, returned to Nordstrom and then sold them to the customer at the marked-down Nordstrom price. The culture of Nordstrom is to delight every customer. Though Nordstrom did not make money on that sale it was an investment in promoting the loyalty of an appreciative customer, who would definitely make a repeat purchase from the store.
Q1. Why is customer service important to a store?
Q2. How can a retail store make service its culture? What arte the lessons of a customer service we can learn from Nordstrom?

 

Part C

1. ……….. is a system for managing a company’s interactions with current and future customers

2. Customer relationship management systems track and measure …. campaigns over multiple networks.

3. Places where CRM is used include

4. It is a platform for progressing the …….. and other related query management.

5. Goal of CRM is to

6. The CRM codifies the interactions between you and your ……….

7. The CRM software is installed in the …….., and help direct customers to the right agent or self-empowered knowledge

8. It involves using technology to organize, automate and synchronize sales, marketing, customer service, and technical support

9. CRM software can also be used to identify and reward loyal ………. over a period of time.

10. CRM software programs can automatically synchronize suitable appointment…….. for customer contact

11. B2C and B2B CRM systems are not created equally and different CRM …… applies to B2B and B2C conditions

12. Relationship management is a customer-oriented feature with …………. response based on customer input,

13. This function can implement sales promotion analysis, automate tracking of a client’s account history for repeated sales or future sales, and also ?oordinate sales, marketing, call centers, and retail outlets in order to realize the salesforce automation.

14. ………. is “all the tools, technologies and procedures to manage, improve, or facilitate sales, support and related interactions with customers, prospects, and business partners throughout the enterprise

15. ……….. systems are customer relationship management platforms.

16. Characteristics of CRM

17. The project ………. is responsible for the success of CRM.

18. ………..software comes with many features and tools, and despite the fact that many of CRM products offer similar feature sets, there are some unique tools in each one.

19. …………. mean how well it integrates with other applications

20. Contact information ranking outlines the ,,,,,,,,,,,,,’s ability to store specific information for each contact.

21. Business world is fast-paced, so managers need to be able to access …………….r’s information quickly.

22. B2B company has ……… contact database than B2C

23. The amount of sales in B2B is relatively ……

24. CRM must be easily integrated with other companies’………….-solutions.

25. This software allows the company to automatically track all the web activity generated from marketing and automatically sets the Lead Source as Marketing

26. a CRM system may simply consist of a contact manager system which..emails, documents, jobs, faxes, and scheduling for individual accounts.

27. Relationships in B2B environment are built over a ………time

28. Sales and marketing tools designed to help and maintain current ……………. and gain new ones

29. ………is a series of activities designed to enhance the level of customer satisfaction – that is, the feeling that a product or service has met the customer expectation.”

30. The importance of customer service may vary by ………….

31. CRM often makes use of …. media to build up customer relationships

32. Customer service can also refer to the ……. of the organization

33. customer service plays an important role in an organization’s ability to generate …….

34. ……….is the provision of service to customers before, during and after a purchase

35. Customer support is a range of customer services to assist ……….. in making cost effective and correct use of a product

36. Regarding technology products such as mobile phones, televisions, computers, software products or other electronic or mechanical goods, it is termed ……..

37. It includes assistance in planning, installation, training, trouble shooting, maintenance, upgrading, and disposal of a product.

38. Customer service may be provided by a .

39. ………involves strategy that focuses the operations and processes of a business around the needs of individual customers.

40. Companies have started to focus on the importance of the……..

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Customer Relationship Management
1. Customer service in retailing focuses on
2. Customer service has the dimensions
3. This is not the set of service standards used by the retailer for his customer Right strategy
4. This is not one of the classification of customer expectations
5. __________ is absolutely essential attributes of the experience
6. __________ are the attributes the customer doesn’t expect, but knows about them and appreciates it if the experience includes them.
7. ____________ are the associated attributes of the experience that the customer takes for granted
8. __________ is the ‘surprise’ attributes that add value for the customer beyond his or her desires or expectations.
9. One of the following is not the goal of customer service process flow
10. It’s the goal of the customer service process flow where the service provider do what is promised is known as ___________
11. It’s the goal of the customer service process flow where the service provider takes into account the customer’s point of view is known as ___________.
12. It’s the goal of the customer service process flow where the service provider create a feeling of confidence in the customer during the service delivery process
13. _______ need to be trained at all levels to deliver the most efficient customer service as it is they who make the moments ‘magical’ for the organization to the customer.
14. Communicating the organization’s ___________ to the employees work wonders
15. Developing an effective ____________ for the whole organization also helps the retail firm to operate a lot more efficiently.
16. Some retailers use _________ to evaluate the service quality performance
17. This is not one of the parameters the retailers do for analyzing its organizational assessment of the service and culture:
18. The retailer needs to monitor and measure service quality of
19. When customer service is less than the expectations, the service rendered by the retail firm is________.
20. Customer expectations keep _____.It’s the retail organisation’s responsibility to achieve higher levels of customer satisfaction.
21. From the customer’s perspective ______ is the perception of the shopper to draw benefits from a purchase (formed by the total retail experience).
22. This is not one of the four factors to be kept in mind in relationship retailing
23. It is more worth nurturing relationships with some shoppers than with others; they are termed as________ and they should be singled out
24. Courtesy (referring to the customer by name and saying thank you) and suggestion selling is termed as _________ in the classification of customer services. They are the low cost services and value high for the shopper.
25. High cost of offering the customer service and high value of the customer service to the shopper, for e.g.: transaction speed, credit, gift registry etc. is being termed as ____________.
26. An upscale retailer would offer _____ customer services than a discount store
27. Researches have proven this fact that it costs 3 to 6 times more to sell product and services to_______ than to __________.
28. CRM is an iterative process that turns _______ into ________.
29. This is not one of the 4 activities of the CRM PROCESS CYCLE:
30. Ideally, the database should not contain the following information
31. One of the following sentences on customer loyalty to a retailer is not true
32. Three approaches that store-based retailers generally use to overcome the problem of identifying most customers who are making in-store transactions. The following is not the right approach:
33. _________ is a specific type of data analysis that focuses on the composition of the bundle of products purchased by a household during a single shopping occasion.
34. A commonly used measure to score each customer is ________.It is the expected contribution from the customer to the retailer’s profits over his or her entire relationship with the retailer
35. Retailers know that a relatively small number of customers account for the majority of their profits. This realization is often called the _________.80% of the sales or profits come from 20 percent of the customers.
36. A commonly used segmentation scheme divides customers into four segments. The incorrect segmentation is:
37. Customers in the lowest segment of customer pyramid can cost the company money. They often demand a lot of attention but do not buy much from the retailer.
38. This segment is composed of the retailer’s customers with the top 25 percent LTVs. These are the most loyal customers who are not overly concerned about merchandise price and place more value on customer service.
39. Customers in this third tier probably do not deserve much attention from the retailer due to their modest LTV.

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