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Description
Flashcards by Sophia Lynch, updated more than 1 year ago
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Created by Sophia Lynch
over 4 years ago
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| Question | Answer |
| What are the three strategies that 'Porter's Generic Strategies' suggest businesses use to remain competitive? | 1. Differentiation 2. Overall Cost Leadership - sell products cheaper than others 3. Focus - focus on a particular portion of the market |
| What are competitive strategies often supported by? | Information systems. |
| What does the 'Customer Relationship Management (CRM)' focus on? | Satisfying customers by assessing their requirements then providing high quality service. |
| Why does the success of an organisation rely on the Customer Relationship Management CRM? | It uses information to treat different customers differently hence best fitting their requirements and satisfying them. |
| What is the role of 'Operational CRM'? | Support day-today processes involving individual customers. |
| Operational CRM: What is 'Customer-facing'? | The direct interactions with customers. |
| Operational CRM: What is 'Customer-touching'? | A self-serve system where the customer uses the system themselves. A website etc... |
| What is the role of 'Analytical CRM;? | To analyse customers' behaviour and perceptions to provide actionable business intelligence. |
| What is a 'supply chain'? | The coordinated flow of materials, information, money, services between raw material suppliers, factories, warehouses and the end user. |
| Why optimise the supply chain? (4) | 1. STREAMLINE production - (increase velocity) 2. REDUCE inventory levels - (less inventory lying around) 3. Improve customer FEEDBACK - (they know 'estimated' arrival time) 4. Improve REPUTATION |
| What is a 'Radio Frequency IDentification (RFID)' used for? | To track goods with the unique code attached to it which allows the good to be traced wherever it is in the supply chain. |
| CRM & the Income Statement: Whats the 'Top Line' used for? | 1. Reach new customers 2. Offer new products 3. Cross-sell services 4. Offer complementary goods. |
| CRM & the Income Statement: Whats the 'Bottom Line' used for? (4) | 1. Optimise manufacturing processes 2. Decrease transportation costs 3. Reduce cost of human capitol 4. Minimise errors in a process |
| SCM vs CRM | SCM = Operational Effectiveness CRM = Customer Oriented |
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