This topic contains a solution. Click here to go to the answer

Author Question: Define and describe the functionality of customer relationship management (CRM) systems. What ... (Read 190 times)

saraeharris

  • Hero Member
  • *****
  • Posts: 546
Define and describe the functionality of customer relationship management (CRM) systems.
 
  What will be an ideal response?

Question 2

Describe the revolution in Internet marketing technologies. What are the four main broad impacts the Internet has had on marketing?
 
  What will be an ideal response?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Anna

  • Sr. Member
  • ****
  • Posts: 343
Answer to Question 1

Customer relationship management systems are an important Internet marketing technology. They serve as repositories for customer information that records all of the contacts a customer has with a firm including its website. CRM systems can generate a profile of each customer that is available to everyone in the firm who requests the data and they contain analytical software that will make this data valuable to the firm.

In the past, firms generally did not maintain a single storehouse of customer information, and any customer data was organized along product lines with each product line maintaining a separate customer list. CRMs are part of the evolution towards customer-centric and segmented market-based businesses, and away from this product-based model.

CRMs use database technology with capabilities for assessing the needs of individual customers and differentiating products to meet those needs. The customer profiles generated by a CRM can include a map of the customer's relationship with the firm, the products he or she has bought and the frequency of purchases, the demographic and psychographic profile for each customer, profitability measures, a complete contact history, and marketing and sales information containing marketing campaigns that the customer received and the customer's responses to them.

With these profiles, CRMs can be used to sell additional products and services, develop new products, increase product utilization, reduce marketing costs, identify and retain profitable customers, optimize service delivery costs, retain high lifetime value customers, enable personal communications, improve customer loyalty, and increase product profitability.

Answer to Question 2

The Internet has had four broad impacts on marketing. First, the Internet as a communications medium has broadened the scope of marketing. Marketing messages can now easily reach a greater number of people. Second, the Internet has increased the richness of marketing communications by combining text, video, and audio content into rich messages. Some even think that the Web is a richer medium than television or video because of the complexity of messages and the huge amount of, and wide ranging, content that is available. Third, the Internet has greatly expanded the information intensity of the marketplace by providing marketers with fine-grained, detailed, real-time information about consumers as they transact in the marketplace. Fourth, the always-on, always-attached, environment created by mobile devices results in consumers being much more available to receive marketing messages. One result is an extraordinary expansion in marketing opportunities for firms.




Anna

  • Sr. Member
  • ****
  • Posts: 343

 

Did you know?

The strongest synthetic topical retinoid drug available, tazarotene, is used to treat sun-damaged skin, acne, and psoriasis.

Did you know?

It is believed that humans initially contracted crabs from gorillas about 3 million years ago from either sleeping in gorilla nests or eating the apes.

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

For a complete list of videos, visit our video library