INTR SUPPLY CHAIN: Chapter 11

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Customer Relationship Management (CRM)

The process of strategically planning and managing all interactions with customers to maximize their value.

CRM Strategy

A plan to acquire, retain, and grow profitable customers by building long-term relationships.

Segmenting Customers

The practice of dividing customers into groups based on common characteristics (e.g., demographics, behavior) to tailor marketing.

Target Marketing

Directing marketing efforts toward a specific segment of customers most likely to purchase a product.

Relationship Marketing

Marketing that focuses on customer loyalty and long-term engagement rather than shorter-term goals like individual sales.

Cross-Selling

Encouraging an existing customer to purchase a related or complementary product (e.g., "Would you like fries with that?").

Up-Selling

Encouraging a customer to purchase a higher-end, more expensive version of the item they are considering.

Predictive Modeling

Using data and algorithms to predict future customer behavior, such as the likelihood of a customer "churning".

Customer Defection Analysis

Analyzing why customers stop buying from a company to identify and fix underlying issues.

Churn Reduction

The process of identifying customers who are likely to leave and taking proactive steps to keep them.

Customer Lifetime Value (CLV)

A prediction of the total net profit attributed to the entire future relationship with a customer.

Customer Service

The provision of service to customers before, during, and after a purchase.

Customer Service Elements

Divided into Pre-transaction (policies), Transaction (delivery/stock), and Post-transaction (returns/complaints) .

Call Center

A centralized office used for receiving or transmitting a large volume of requests by telephone.

Website Self-Service

Allowing customers to find information and solve problems online without human intervention.

Field Service Management

Managing company resources employed at or en route to the customer's property (e.g., repair technicians).

Automated Sales Force (SFA)

Software that automates business tasks like order processing, contact management, and inventory monitoring.

Sales Activity Management

Tools that help sales teams track and manage their daily activities and communications with prospects.

Sales Territory Management

Assigning sales representatives to specific geographic areas or customer groups to optimize coverage.

Personalizing Customer Communications

Customizing messages to individual customers based on their preferences and history to improve engagement.