Building long-term relationships with customers is essential for any business. The application of technology to achieve CRM is a key element of e-business but what does CRM stand for?

Related MCQs

• Components of a CRM system are: I. Users II. Hardware and Operating Systems III. CRM Software IV. Business Processes
• Companies that understand how customers use digital media in their purchase decision buying can develop integrated communications strategies to support their customers at each stage in the buying process. Customers have individual preferences in the ways they use the web depending upon why they need to use it and this web use is known as:
• There are different techniques to both initiate and build relationships with customers by using a combination of online and offline techniques. What is the 'customer life cycle' though?
• Key to re-structuring the supply chain is the need to examine the types of relationships between partners such as suppliers and distributors. Researchers have found that low cost is the main driver in managing supply partnerships and a restructuring will often require companies to:
• Online marketing communications include the development on online partnerships and are regarded as an important part of a marketing mix. There are three key types of online partnerships; link building, affiliate marketing, and one other:
• Social media (e.g. Facebook, Twitter) usage has become so widespread that to discount a social media strategy would be a mistake best avoided. Social customer relationship management (Social CRM) is a relatively new term which helps to define the broad scope of social media across the customer life cycle and value chain. The Altimeter report (2010) provides a framework for reviewing strategy implementation and is known as:
• Supply chain management is essentially the optimisation of material flows and associated information flows involved with an organisation's operations. To manage these flows, e-business applications are essential to bring such benefits as noted in 'Internet retailing' in 2010 which reported that the average rates of return to a high street retailer could be as high as 10%. What did the same source report as the average rate of return for UK e-commerce sites?
• What does the following definition refer to: an organisation which uses communications technology to allow it to operate without clearly define physical boundaries between different functions?
• What does a company's information system need to deliver to different parties who need to access the supply chain information of an organisation, whether they be employees, suppliers, logistics service providers or customers?
• The 'value chain' idea is a concept that has been well established for the past three decades and it refers to considering key activities that an organization can conduct to add value for the customer. It traditionally distinguished between primary activities and support activities. Why is this concept regarded as outdated with the development of e-business?