Analytical CRM Trivia Quiz

Financial flows involve money transfers, payments, and credit-related data. This includes activities such as transferring funds between bank accounts, making payments for goods and services, and managing credit transactions. Financial flows are essential for economic transactions and play a crucial role in the functioning of businesses and economies.

Customer churn addresses customer loyalty. Churn refers to the rate at which customers stop doing business with a company. Therefore, customer churn specifically focuses on the loyalty of customers and their likelihood to continue purchasing from a company. By understanding and addressing customer churn, companies can take steps to improve customer loyalty and reduce the number of customers who stop doing business with them.

Cross-selling is the marketing strategy of offering additional related products to customers based on their previous purchases. It involves suggesting complementary or supplementary items that can enhance the customer's overall experience or meet their needs. This technique aims to increase customer satisfaction, loyalty, and revenue by encouraging customers to buy more from the same seller. Cross-selling is commonly used in various industries, such as retail, e-commerce, and banking, to maximize sales opportunities and promote customer retention.

A retailer is considered a downstream component of supply chain management because they are the final link in the chain before the product reaches the end consumer. They are responsible for selling the product directly to the customer and often play a crucial role in marketing, distribution, and customer service.

Charles Mack and his son chose Infusionsoft to reduce their paperwork so they could focus on customer relationship-building. This implies that they were looking for a solution that would streamline their administrative tasks and free up time for them to engage more with their customers. By reducing paperwork, they can allocate more resources towards building and maintaining strong relationships with their customers, which is crucial for business growth and customer satisfaction.

OLAP (Online Analytical Processing) is the correct answer because it is a type of CRM system that helps in analyzing large volumes of data to gain insights and make informed business decisions. OLAP systems allow businesses to analyze customer data, such as purchasing behavior and preferences, to identify patterns and trends. This helps in improving customer service, targeting marketing campaigns, and increasing customer satisfaction.

Analytical CRM systems receive data from operational CRM systems. This means that the data collected by operational CRM systems, such as customer interactions and transactions, is sent to analytical CRM systems for further analysis and interpretation. Analytical CRM systems use this data to generate insights and make informed decisions, such as identifying customer preferences and behavior patterns. By receiving data from operational CRM systems, analytical CRM systems play a crucial role in enhancing the overall effectiveness and efficiency of CRM strategies.

Business intelligence is an example of an analytical CRM system because it involves the use of data analysis and reporting tools to gain insights into customer behavior and preferences. It helps businesses make informed decisions by providing them with valuable information about their customers, such as purchasing patterns, demographics, and preferences. This allows companies to tailor their marketing strategies and improve customer satisfaction and retention.

The Hard Rock Hotel and Casino implemented a mobile CRM solution to tackle the common issues related to drink orders. This system likely allows customers to place their orders through a mobile app, providing convenience and efficiency. With a mobile CRM solution, the hotel and casino can streamline the ordering process, track customer preferences, and provide personalized recommendations. This solution would enhance customer experience and improve overall service quality.

P.F. Chang's China Bistro relies on Twitter to follow its customers because Twitter is a popular social media platform that allows businesses to engage with their customers, share updates, and respond to feedback. By using Twitter, P.F. Chang's can keep track of customer preferences, trends, and conversations, allowing them to better understand their target audience and provide a personalized experience. Additionally, Twitter's real-time nature makes it an effective tool for timely promotions, announcements, and customer service.

Supply chain visibility refers to the ability of all organizations in a supply chain to access or view relevant data on purchased materials as these materials move through their suppliers' production processes and transportation networks to their receiving docks. This means that all parties involved in the supply chain can track and monitor the movement and status of materials in real-time, enabling better coordination, decision-making, and responsiveness. Supply chain visibility helps to improve efficiency, reduce costs, minimize disruptions, and enhance customer satisfaction. It is a crucial aspect of supply chain management to ensure smooth operations and effective collaboration among all stakeholders.

Micro-profiling means you receive specialized search results that conform to your pre-existing thoughts, tastes, and interests. This term refers to the practice of collecting and analyzing data about an individual's online behavior, preferences, and characteristics to tailor content and advertisements specifically for them. This allows platforms to create a personalized user experience by presenting information that aligns with their existing beliefs and preferences.

Collaborative CRM systems are used to provide effective and efficient interactive communication with the customer throughout the entire organization. These systems allow different departments and teams within the organization to share customer information, collaborate on customer-related activities, and provide a seamless and consistent customer experience. By facilitating communication and collaboration, collaborative CRM systems help in building strong and long-lasting relationships with customers, enhancing customer satisfaction, and improving overall organizational efficiency.

Utility computing refers to the provision of computing resources, such as processing power, storage, and software applications, on-demand and as a service. It allows users to access and use these resources as needed, without the need for upfront investment in hardware or software. An on-demand CRM system follows the same principle, providing customer relationship management functionality as a service, accessible over the internet. This aligns with the concept of utility computing, making "on-demand CRM system" the correct answer.

The correct answer is "interacting" because it suggests that customers are engaging with computers in some way, such as through online forms, self-service kiosks, or chatbots, rather than directly interacting with customer service representatives. The term "touching" does not accurately convey the concept of customers interacting with computers.

The correct answer is "Track reported problems, inconsistent processes, and resolution time." This is because McKesson Specialty wanted a CRM system that could help them keep track of any reported problems or issues, as well as identify any inconsistent processes. Additionally, they wanted the system to help them track the resolution time for these problems, ensuring that they are addressed in a timely manner.

On-demand CRM refers to a CRM system that is hosted by an external vendor in the vendor's data center. This means that the CRM software and data are stored and managed by the vendor, and users can access the system over the internet on a subscription basis. This type of CRM allows businesses to easily deploy and scale their CRM solution without the need for extensive IT infrastructure or resources. It also provides flexibility and accessibility for users, as they can access the CRM system from anywhere using any device with an internet connection.