Professional Documents
Culture Documents
CRM - Model Answer Key
CRM - Model Answer Key
d) Raw facts & figures (e) Dr. Eric Berne (f) Six (g) Customer Expectations
h) Hard Cost & Soft Cost (i) IRDA (j) Call Routing
Q.2 A] CRM is business strategies that integrate people, processes and technology to optimize
the relation of an organisation with all types of customers.
Features of CRM -
Comprehensive Set of process & technology, supportive to manage all types of
Customers, consist various types of strategies, Integrate people, process & technology,
Develop relationship with customers, base for customer value management, Customer
Oriented approach, support to estimate customer future requirement.
OR
Q.2 P] Customer value management is connected with customer value.
Customer value is a five step model – Discover customers, commit towards delivering
Value to the customers, create customer value, obtain customer feedback and improve
Customer value.
CVM is broader than CRM.
CVM consist customer analysis, customer acquisition, Customer retention, customer
Expansion and customer lifetime value
Q.2 Q] Convenience, Customer Value & benefit, Cost to the customer, Computing & category
Management, Customer Franchise, Customer Care & Service and Communication &
Customer relationships.
Q.3 A] E-CRM is an integrated online sales, marketing and service strategy that is used to
Identify, attract and retain an organization’s customers.
Six E’s of E-CRM –
i] Electronic channels ii] Enterprise iii] Empowerment iv] Economics v] Evaluation
vi] External information
Q.3 B] To handle all types of customers, able to provide 24x7 service, Possible to identify new
Customers, support to reduce operating cost, possible to design new product, support to
Retain maximum customers, use in cross-selling, supportive in inter-department
Activities and supportive to estimate future sales.
OR
Q.3 P] Service Automation is the process that works as a supporting system for the service
staff and managers to achieve their work related objectives.
Five major domains of service automation – Contact centers, call centers, help desks,
Field service and web based self-service.
It is beneficial to enhance service processes, improve productivity & efficiency, increase
Customer experience etc.
Q.3 Q] Data Management means defining data elements, manage structure of data,
store data and Maintain quality information with data monitoring.
Features of Quality Data –
Accuracy, Updated data, Completeness, Consistency, Availability, Traceability
Clearness.
Q.4 A] Market Intelligence Enterprise – An enterprise that institutionalizes the capacity to
Acquire and apply market information quickly across, and effectively manages customer
relationships with best customers and best prospects.
Process of developing MIE –
Collecting customer information as a strategic asset
Identify Customer expectations
Aligning Strategies and processes with customer expectations
Manage customer experience
Manage customer relationship with implementation of MIE technology
Q.4 B] The cost of any CRM solution must be considered both – Hardware fulfillment costs
& Software costs.
CRM implementation cost, Software Licensing cost, hardware cost, Maintenance cost,
Supportive system cost, Vendor consulting fees and Training.
OR
Truly Loyal – These customers have every intention of continuing to do business with
you and they have a positive attitude toward your company. They like working with you
and are more likely to increase their spending and recommend your company to others.
Accessible – These customers have a good attitude about working with you, but do not
plan to continue their relationship. Since this is a rather odd combination, it’s not
surprising that it is often a very small percentage of customers. What it typically means is
that something has changed in their business and they do not need your product or service
any longer. However, they are often good advocates and will typically speak highly of
your company.
Trapped – These customers show every indication of continuing business with you, but
they’re not very happy about it. They feel trapped in the relationship. This is common
among organizations locked into long-term contracts, lacking a suitable substitute, or
finding that it is too hard to switch. Eventually, trapped customers will find a better
option and are not likely to continue or increase business with you.
High Risk – As the name implies, these customers do not intend to return and do not have
a healthy attitude about their relationship with your company. Typically, they are halfway
out the door and not only will they no longer be a customer, but will also talk poorly
about you in the marketplace. This breakdown provides a very practical and flexible way
of segmenting customers.
For each of these quadrants specific action plans can be drawn to dramatically improve
business performance.
Q.5 A] Improve customer service, easy to handle insurance claim, useful in applying business
Strategies, track loyal customer records, segmentation process & branch connectivity.
OR
e) Data Reporting -
It means translates raw data into information. It presents real situation on concerned
Topic.