Customer Relationship Management (EDL 422)-Semester IV
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1st Module Assessment
Case Study
“CRM or Customer Relationship Management is a system which aims at improving the relationship with existing customers, finding new prospective customers, and winning back former customers. This system can be brought into effect with software which helps in collecting, organizing, and managing the customer information.
Implementing a CRM strategy is advantageous to both small-scale and large-scale business ventures. If you want to find out what are the benefits of using CRM for your business, then read further to know the key points.
One of the prime benefits of using a CRM is obtaining better customer satisfaction. By using this strategy, all dealings involving servicing, marketing, and selling your products to your customers can be carried out in an organized and systematic way. You can also praovide better services to customers through improved understanding of their issues and this in turn helps in increasing customer loyalty and decreasing customer agitation.In this way, you can also receive continuous feedback from your customers regarding your products and services. It is also possible that your customers recommend you to their acquaintances, when you provide efficient and satisfactory services.
By using a CRM strategy for your business you will be able to increase the revenue of your company to a great extent. Using the data collected, you will be able to popularize marketing campaigns in a more effective way. With the help of CRM software, you can ensure that the product promotions reach a different and brand new set of customers, and not the ones who had already purchased your product, and thus effectively increase your customer revenue.
A CRM system allows up-selling which is the practice of giving customers premium products that fall in the same category of their purchase. The strategy also facilitates cross selling whic his the practice of offering complementary products to customers, on the basis of their previous purchases. This is done by interacting with the customers and getting an idea about their wants, needs, and patterns of purchase. The details thus obtained will be stored in a central database, which is accessible to all company executives. So, when an opportunity is spotted, the executives can promote their products to the customers, thus maximizing up-selling and cross selling.Better internal communication
Following a CRM strategy helps in building up better communication within the company. The sharing of customer data between different departments will enable you to work as a team. This is better than functioning as an isolated entity, as it will help in increasing the company’s profitability and enabling better service to customers.
With the help of CRM, you will be able to understand your customer needs and behavior, thereby allowing you to identify the correct time to market your product to the customers. CRM will also give you an idea about the most profitable customer groups, and by using this information you will be able to target similar prospective groups, at the right time. In this way, you will be able to optimize your marketing resources efficiently. You can also be ensured that you don’t waste your time on less profitable customer groups.”
Question 1. A CRM system allows up-selling which is the practice of giving customers …………products that fall in the same category of their purchase.
a. premium
b. HRM
c. Financial Management
d. none
Question 2. By using a CRM strategy for your business you will be able to increase the………….. of your company to a great extent.
a. cost
b. revenue
c. price
d. profit
Question 3. By using this strategy, all dealings involving …………., ……………, and …………. your products to your customers can be carried out in an organized and systematic way.
a. servicing
b. marketing
c. selling
d. all
Question 4. CRM will also give you an idea about the most profitable ……………., and by using this information you will be able to target similar prospective groups, at the right time.
a. customer groups
b. product
c. price
d. cost
Question 5. Following a CRM strategy helps in building up better …………… within the company.
a. communication
b. HRM
c. Financial Management
d. none
Question 6. Implementing a ……………. strategy is advantageous to both small-scale and large-scale business ventures.
a. HRM
b. CRM
c. both
d. none
Question 7. One of the prime benefits of using a CRM is obtaining better ……….. satisfaction.
a. customer
b. product
c. price
d. cost
Question 8. when an opportunity is spotted, the executives can promote their ……….. to the customers, thus maximizing up-selling and cross selling.
a. customer
b. product
c. price
d. cost
Question 9. With the help of CRM …….., you can ensure that the product promotions reach a different and brand new set of customers, and not the ones who had already purchased your product, and thus effectively increase your customer revenue.
a. software
b. HRM
c. Financial Management
d. none
Question 10. ………… is a system which aims at improving the relationship with existing customers, finding new prospective customers, and winning back former customers.
a. CRM or Customer Relationship Management
b. HRM
c. Financial Management
d. none
10 on 10
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2nd Module Assessment
Case Study
“There are many ways sales team can build relationship with the customers to generate more repeat sales and here are the top 5 ways to do it:
Customer Satisfaction. This is the first order of business for any organization involved in sales. Keep the customers satisfied. Deliver service beyond your scope to give the customers an unforgettable customer experience. If customers are satisfied with your performance, they will value your service and will be happy to keep giving you repeat sales.
Show and Express Appreciation. Always thank the customer. Most customers are particular in gestures offered by sales personnel. From a company’s standpoint, finding a way to show your company’s appreciation for the customer’s business may be made through a letter or a short note or a little token, which will definitely go a long way. Most successful businesses are not afraid to spend on something for a valued customer.
Build Trust and Keep it. Building trust should start from the initial transaction all the way to the after-sales stage. It’s a constant process of reinforcing the relationship with the customer. If you are able to be honest with the customers about some of the disadvantages of your products, you are likely to gain more credibility in the eyes of the customers. Customers will trust you if they know you are not just after making a sale or closing a deal.
Keep Constant Communication. Customers appreciate sales personnel who go out of their way to inform them if there are price increases forthcoming for the products or services that they are availing from you. Even a simple asking if the customers are satisfied with the products will give the customers the feeling that you are genuinely concerned with how they find your product or service. Keeping them apprised of the latest changes going on at the company like production delays, new models or changes to product specifications, and promotions will be valuable to them.
Be accommodating all the time. Customers love feeling special. Making every customer feel special by instantaneously attending to their needs will trigger their emotions and make them feel important which creates so much appreciation. Working hand-in-hand with your customer will definitely create a happy and lasting relationship.
A successful business or sales organization makes sure that repeat sales are achieved as these boost profits and generate more leads. By constantly building good relationship with the customers, your business is inclined to benefit more from it because the opportunities of making sales out of referrals made by the satisfied customers can just make your sales volume increase and your business grow.
Creating repeat sales is easy if you are willing to go the extra mile in creating good relationship with your clients. Superb service plus quality products are two secret recipes of a successful business. Do remember that satisfied customers will bring in more customers to your business and every individual is a potential client so give quality treatment to people walking in your business.”
Question 1. A successful business or sales ………makes sure that repeat sales are achieved as these boost profits and generate more leads.
a. organization
b. HRM
c. Financial Management
d. none
Question 2. Creating repeat sales is easy if you are willing to go the extra mile in creating good relationship with your …………….
a. customer
b. clients
c. price
d. cost
Question 3. Do remember that satisfied ……………. will bring in more customers to your business
a. customers
b. HRM
c. Financial Management
d. none
Question 4. every individual is a potential ………….so give quality treatment to people walking in your business.
a. client
b. product
c. price
d. cost
Question 5. If customers are satisfied with your performance, they will value your service and will be happy to keep giving you repeat …………….
a. HRM
b. sales
c. both
d. none
Question 6. Most customers are particular in gestures offered by …………… personnel.
a. sales
b. product
c. price
d. cost
Question 7. This is the first order of business for any organization involved in sales.
a. Customer satisfaction
b. HRM
c. Financial Management
d. none
Question 8. Working hand-in-hand with your customer will definitely create a happy and lasting ………..
a. cost
b. relationship
c. price
d. profit
Question 9. your business is inclined to benefit more from it because the opportunities of making ………..out of referrals made by the satisfied customers can just make your sales volume increase and your business grow.
a. sales
b. HRM
c. Financial Management
d. none
Question 10. ………. appreciate sales personnel who go out of their way to inform them if there are price increases forthcoming for the products or services that they are availing from you.
a. servicing
b. marketing
c. selling
d. Customers
10 on 10 J
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3rd Module Assessment
Case Study
Virtually every business loses some customers, but few ever measure or recognise how many of their customers become inactive. Most businesses, ironically, invest an enormous amount of time, effort and expense building that initial customer relationship. Then they let that relationship go unattended, in some cases even losing interest as soon as the sale been made, or even worse, they abandon the customer as soon as an easily remedied problem occurs, only to have to spend another small fortune to replace that customer. The easiest way to grow your business is not to lose your customers. Once you stop the leakage, it’s often possible to double or triple your growth rate because you’re no longer forced to make up lost ground just to stand still.So many people do an excellent job of making the initial sale, then drop the ball and get complacent, ignoring the customer, while they chase more business. Your selling has actually only just begun when someone makes that initial purchase decision because virtually everyone is susceptible to buyer’s remorse. To lock in that sale, and all of the referrals and repeat business that will flow from it, you need to strike while the iron is hot to allay your customers’ fears and demonstrate by your actions that you really care. You should thank them and remind them again why they’ve made the right decision to deal with you … and put a system in place to sell to them again, and again, constantly proving that they made the right decision.There’s little point in dedicating massive resources to generating new customers when 25-60% of your dormant customers will be receptive to your attempts to regenerate their business if you approach them the right way, with the right offer. Reactivating customers who already know you and your product is one of the easiest, quickest ways to increase your revenues. Re-contacting and reminding them of your existence, finding out why they’re no longer buying, overcoming their objections and demonstrating that you still value and respect them will usually result in a tremendous bounty of sales and drastically increased revenues in a matter of days … and will lead to some of your best and most loyal customers.Avoid losing your customers by building relationships and keeping in touch using a rolling calendar of communications. This is a programmed sequence of letters, events, phone calls, “thank you’s”, special offers, follow-ups, magic moments, and cards or notes with a personal touch etc. that occur constantly and automatically at defined points in the pre-sales, sales and post-sales process. People not only respond to this positively, they really appreciate it because they feel valued and important. It acknowledges them, keeps them informed, offsets post-purchase doubts, reinforces the reason they’re doing business with you and makes them feel part of your business so that they want to come back again and again.
Question 1. Avoid losing your …………….. by building relationships and keeping in touch using a rolling calendar of communications.
a. customer
b. clients
c. price
d. cost
Question 2. Most businesses, ironically, invest an enormous amount of time, effort and expense building that initial ………..
a. HRM
b. customer relationship
c. both
d. none
Question 3. Re-contacting and reminding them of your existence, finding out why they’re no longer buying, overcoming their objections and demonstrating that you still value and respect them will usually result in a tremendous bounty of ……………… and drastically increased revenues in a matter of days
a. sales
b. HRM
c. Financial Management
d. none
Question 4. The easiest way to grow your ……………… is not to lose your customers.
a. business
b. product
c. price
d. cost
Question 5. This is a programmed sequence of letters, events, phone calls, “thank you’s”, special offers, follow-ups, magic moments, and cards or notes with a personal touch etc. that occur constantly and automatically at defined points in the …………., sales and post-sales process.
a. pre-sales
b. HRM
c. Financial Management
d. none
Question 6. To lock in that ……………., and all of the referrals and repeat business that will flow from it, you need to strike while the iron is hot to allay your customers’ fears and demonstrate by your actions that you really care.
a. cost
b. sale
c. price
d. profit
Question 7. Virtually every business loses some customers, but few ever measure or recognise how many of their …………. become inactive.
a. customers
b. HRM
c. Financial Management
d. none
Question 8. Your selling has actually only just begun when someone makes that initial ………………. decision because virtually everyone is susceptible to buyer’s remorse.
a. servicing
b. marketing
c. selling
d. purchase
Question 9. ………… customers who already know you and your product is one of the easiest, quickest ways to increase your revenues.
a. Reactivating
b. HRM
c. Financial Management
d. none
Question 10. …………. not only respond to this positively, they really appreciate it because they feel valued and important.
a. People
b. product
c. price
d. cost
10 on 10
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4th Module Assessment
Case Study
“Supply chain management (SCM) is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. It represents a conscious effort by the supply chain firms to develop and run supply chains in the most effective & efficient ways possible. Supply chain activities cover everything from product development, sourcing, production, and logistics, as well as the information systems needed to coordinate these activities.
The concept of Supply Chain Management (SCM) is based on two core ideas:
The first is that practically every product that reaches an end user represents the cumulative effort of multiple organizations. These organizations are referred to collectively as the supply chain.
The second idea is that while supply chains have existed for a long time, most organizations have only paid attention to what was happening within their “four walls.” Few businesses understood, much less managed, the entire chain of activities that ultimately delivered products to the final customer. The result was disjointed and often ineffective supply chains.
The organizations that make up the supply chain are “linked” together through physical flows and information flows.
Physical Flows
Physical flows involve the transformation, movement, and storage of goods and materials. They are the most visible piece of the supply chain. But just as important are information flows.
Information Flows
Information flows allow the various supply chain partners to coordinate their long-term plans, and to control the day-to-day flow of goods and materials up and down the supply chain.”
Question 1. Few businesses understood, much less managed, the entire ………..of activities that ultimately delivered products to the final customer.
a. chain
b. HRM
c. Financial Management
d. none
Question 2. It represents a conscious effort by the supply chain firms to develop and run supply chains in the most effective & efficient ways possible.
a. HRM
b. customer relationship
c. both
d. none
Question 3. The first is that practically every product that reaches an end user represents the cumulative effort of multiple …………………
a. servicing
b. marketing
c. selling
d. organizations
Question 4. The organizations that make up the supply chain are “linked” together through ………. and information flows.
a. physical flows
b. HRM
c. Financial Management
d. none
Question 5. The second idea is that while supply chains have existed for a long time, most ………… have only paid attention to what was happening within their “four walls.”
a. cost
b. organizations
c. price
d. profit
Question 6. They are the most visible piece of the supply chain.
a. Physical flows
b. HRM
c. Financial Management
d. none
Question 7. ……… activities cover everything from product development, sourcing, production, and logistics, as well as the information systems needed to coordinate these activities.
a. Supply chain
b. product
c. price
d. cost
Question 8. ………is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage.
a. SCM
b. HRM
c. Financial Management
d. none
Question 9. ……….. flows allow the various supply chain partners to coordinate their long-term plans, and to control the day-to-day flow of goods and materials up and down the supply chain.
a. Information
b. product
c. price
d. cost
Question 10. ………… flows involve the transformation, movement, and storage of goods and materials.
a. Physical
b. clients
c. price
d. cost
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5th Module Assessment
Case Study
“Companies would never construct their offices without a blueprint. According to Gartner, however, more than 60 percent of companies that have implemented CRM did not have mutually agreed upon goals for their projects prior to the installation. Like a building without a bearing wall, a CRM initiative without goals will collapse.
The project leader must start by crafting a valid business case for CRM before selecting a vendor, upgrading software, or launching a new project. Assemble a cross-functional team to determine specific, measurable goals for the initiative. Areas to consider include automating processes that will improve user productivity and boost customer satisfaction, streamlining marketing and sales processes, giving customer-facing employees access to a 360-degree view of customer information, and supporting contact center agents with the tools to cross-sell and upsell.
After deciding on a project, create a phased implementation plan. Conduct smaller, more manageable implementations that can be completed within 30, 60, or 90 days. “”It’s about getting a quick return on investment,”” says Benjamin Holtz, president and CEO of Green Beacon, a mid-market CRM consultant, in Watertown, MA. Smaller projects also enable customers to change things as they go. Holtz compares it to home remodeling: “”When you remodel a house, once you do the kitchen you might decide you want to do something different with the living room.””
Jim Rubin, CFO of Tripos, which provides computational solutions for drug discovery research, had never been a believer in creating a static business case. His experiences in software systems implementations taught him that a static business plan can pigeonhole an organization into an undesirable situation, he says. Yet, when his CRM consultant convinced him of the benefits of writing a business case at the outset of a CRM project, he gave it a shot. The results changed his view on the matter: “”Doing [the CRM implementation] in stages and demonstrating the benefits to each stage is critical to the success,”” Rubin says.”
Question 1. After deciding on a …………., create a phased implementation plan.
a. project
b. HRM
c. Financial Management
d. none
Question 2. Areas to consider include automating processes that will improve user productivity and boost …………., streamlining marketing and sales processes, giving customer-facing employees access to a 360-degree view of customer information, and supporting contact center agents with the tools to cross-sell and upsell.
a. customer satisfaction
b. price
c. profit
d. cost
Question 3. Assemble a cross-functional team to determine specific, measurable ………… for the initiative.
a. marketing
b. goals
c. servicing
d. selling
Question 4. Companies would never construct their offices without a ………..
a. HRM
b. blueprint
c. none
d. Financial Management
Question 5. Conduct smaller, more manageable …………. that can be completed within 30, 60, or 90 days.
a. none
b. Financial Management
c. implementations
d. HRM
Question 6. Doing [the CRM implementation] in stages and demonstrating the benefits to each stage is critical to the ……….
a. cost
b. success
c. product
d. price
Question 7. more than 60 percent of companies that have implemented ………….. did not have mutually agreed upon goals for their projects prior to the installation.
a. customer relationship
b. none
c. HRM
d. both
Question 8. Smaller ……….. also enable customers to change things as they go.
a. price
b. clients
c. cost
d. projects
Question 9. The ,…………..must start by crafting a valid business case for CRM before selecting a vendor, upgrading software, or launching a new project.
a. project leader
b. product
c. cost
d. price
Question 10. When you remodel a house, once you do the kitchen you might ……….. you want to do something different with the living room.
a. decide
b. none
c. HRM
d. Financial Management
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Assignment 2
Case Study
“Brand Equity is defined as value and strength of the Brand that decides its worth whereas Customer Equity is defined in terms of lifetime values of all customers.
Brand Equity and Customer Equity have two things in common-
Both stress on significance of customer loyalty to the brand
Both stress upon the face that value is created by having as many customers as possible paying as high price as possible.
But conceptually both brand equity and customer equity differ.
While customer equity puts too much emphasis on lower line financial value got from the customers, brand equity attempts to put more emphasis on strategic issues in managing brands.
Customer Equity is less narrow alternative. It can overlook a brands optional value and their capacity effect revenues and cost beyond the present marketing environment.
Just as customer equity can persist without brand equity, brand equity may also exist without customer equity. For instance I may have positive attitude towards brands – McDonald and Burger King, but I may only purchase from McDonald’s brand consistently.
To conclude, we can say brands do not exist without consumer and consumer do not exist without brands. Brands serve as a temptation that utilizes other intermediaries to lure the customers from whom value is extracted. Customers serve as a profit-medium for brands to encash their brand value. Both the concepts are highly co-related.”
Question 1. Brands serve as a temptation that utilizes other intermediaries to lure the ………… from whom value is extracted.
a. customers
b. HRM
c. Financial Management
d. none
Question 2. It can overlook a brands optional value and their capacity effect revenues and cost beyond the present marketing environment.
a. cost
b. customer equity
c. price
d. profit
Question 3. ……. equity may also exist without customer equity.
a. brand
b. product
c. price
d. cost
Question 4. …….. equity can persist without brand equity
a. customer
b. HRM
c. Financial Management
d. none
Question 5. ………. Equity is less narrow alternative.
a. Customer
b. HRM
c. Financial Management
d. none
Question 6. ………. is defined in terms of lifetime values of all customers.
a. HRM
b. Customer Equity
c. both
d. none
Question 7. ……….. is defined as value and strength of the Brand that decides its worth
a. Brand Equity
b. HRM
c. Financial Management
d. none
Question 8. ………… puts too much emphasis on lower line financial value got from the customers
a. customer equity
b. product
c. price
d. cost
Question 9. ………….. attempts to put more emphasis on strategic issues in managing brands.
a. servicing
b. marketing
c. selling
d. brand equity
Question 10. ………….. do not exist without consumer and consumer do not exist without brands.
a. brands
b. clients
c. price
d. cost
10 on 10
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