Customer Relationship Management-1

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Customer Relationship Management

Q1: Describe the rationale and benefits of CRM in organised retail. How it differs from the CRM process adopted by traditional retail?

Q2: Explain how the customer service feedback is sought by the retail firms. What are the emerging trends of CRM in the organized retail?

Q3: Explain the CRM process in retail. Do you feel that well planned CRM process is necessary for a retail firm to meet and beat competition? Justify your answer with your arguments.

Q4: Elaborate the philosophy of CRM practiced in retail business. Support your answer with relevant example.

Q5: Develop a CRM program for the organized retail format BIGBAZAAR and how you will suggest them to implement the program?

Q6: What aspects need to be measured while monitoring service quality?

Q7: What is the role of technology in the CRM process of retail? Describe the three W’s of technology and support your answer with specific examples.

Q8: Define the following terms and support your answer with specific examples:

  1. Web based technology and E- CRM.
  2. Customer retention strategies
  3. E-tailing
  4. Direct Marketing in retail

 

CASE STUDY

 

“Customer Service: The Nordstrom Way”

The Nordstrom store is known for its exceptional customer service. It is customer service that makes Nordstrom so special. The Nordstrom store differentiates and distinguishes itself from competition through excellent customer service. Customer service is said to be the culture at Nordstrom and the organization has emerged as a world wide example for customer service at retail.

The Nordstrom store targets middle to upper income women and men offering merchandise categories like shoes, apparent, accessories, cosmetics etc. at competitive prices. The chain can boost of a highly motivated,” self-empowered people who have an entrepreneurial spirit, who feel that they are in this to better them and feel good about themselves, to make more money and to be successful.”

To cite an example of customer service at Nordstrom: There was a customer who fell in love with a pair of burgundy, pleated, Donna Karan slacks that had just gone on sale at a Nordstrom store, but the store was out of her size and the sales associate was not able to locate a pair at any other Nordstrom store in the area. Knowing that the same slacks were available with a competitor across the street, the associate secured some petty cash from the department manager, walked across to the competing department store where she bought the slacks at full price, returned to Nordstrom and then sold them to the customer at the marked-down Nordstrom price. The culture of Nordstrom is to delight every customer. Though Nordstrom did not make money on that sale it was an investment in promoting the loyalty of an appreciative customer, who would definitely make a repeat purchase from the store.

Q1. Why is customer service important to a store?

Q2. How can a retail store make service its culture? What are the lessons of a customer service we can learn from Nordstrom?

 

 

Assignment – C

 

Q1: One of the following is not the goal of customer service process flow:

  1. Dependability
  2. Responsiveness
  3. Authority
  4. Perish ability

 

Q2: Developing an effective ____________ for the whole organization also helps the retail firm to operate a lot more efficiently.

  1. Customer lobby and customer interaction
  2. Competitors employee network
  3. Training and development plan
  4. Customer screening

 

Q3: When customer service is less than the expectations, the service rendered by the retail firm is________.

  1. Poor
  2. Good
  3. Fair
  4. Neither good nor poor

 

Q4:   Customer service in retailing focuses on ______________.

  1. Customer paying capacity
  2. Customer expectations
  3. Customer profile
  4. Customer desire

 

Q5: This is not the set of service standards used by the retailer for his customer.

  1. Right strategy
  2. Right systems and people
  3. Right processes and people to deliver them
  4. Service rendered as per the disposable income of the customer

 

Q6: Good services mean offering customers____________.

  1. Offering service to customers as per their profile
  2. Offering service equal to the price of goods/service
  3. Offering service more than what is expected
  4. Offering the product with best features and forget after that

 

Q7: This is not one of the classification of customer expectations:

  1. Basic and expected
  2. Customer profile
  3. Desired
  4. Unanticipated

 

Q8: . __________ is absolutely essential attributes of the experience.

  1. Basic customer expectations
  2. Expected customer expectations
  3. Desired customer expectations
  4. Unanticipated customer expectations

 

Q9: __________ are the attributes the customer doesn’t expect, but knows about them and appreciates it if the experience includes them.

  1. Basic customer expectations
  2. Expected customer expectations
  3. Desired customer expectations
  4. Unanticipated customer expectations

 

Q10: __________ is the ‘surprise’ attributes that add value for the customer beyond his or her desires or expectations.

  1. Basic customer expectations
  2. Expected customer expectations
  3. Desired customer expectations
  4. Unanticipated customer expectations

 

Q11: Communicating the organization’s ___________ to the employees work wonders.

  1. Vision, values, plans and strategies
  2. Financial condition and product portfolio
  3. Internal secrets and competitors profile
  4. Resource constraints and competitors profile

 

Q12: Some retailers use _________ to evaluate the service quality performance

  1. Sales persons
  2. Mystery shoppers
  3. Financial institutions
  4. support

 

Q13: This is not one of the parameters the retailers do for analyzing its organizational assessment of the service and culture:

  1. Value delivered to the customer
  2. The internal effectiveness of the organisation
  3. Quality of work life of employees
  4. Financial status of the firm

 

Q14: The retailer needs to monitor and measure service quality of:

  1. Only the frontline sales person within the store`
  2. All departments/ functions, both at the front and back ends
  3. The HR and sales deptt.
  4. The sales deptt. only

 

Q15: Customer expectations keep _____.It’s the retail organisation’s responsibility to achieve higher levels of customer satisfaction.

  1. Lowering
  2. Rising
  3. Balancing
  4. None of these

 

Q16: Customer service has the dimensions:

  1. The services (facilities, concessions or infrastructure offerings)
  2. Service offered by the store
  3. Both (a) and (b)
  4. Finance available with target customers

 

Q17: ____________ are the associated attributes of the experience that the customer takes for granted.

  1. Basic customer expectations
  2. Expected customer expectations
  3. Desired customer expectations
  4. Unanticipated customer expectations

 

Q18: From the customer’s perspective ______ is the perception of the shopper to draw benefits from a purchase (formed by the total retail experience).

  1. Value
  2. CRM
  3. Brand loyalty
  4. Delight stage

 

Q19: This is not one of the four factors to be kept in mind in relationship retailing

  1. Customer base
  2. Customer service
  3. Customer satisfaction and loyalty programs
  4. Employee empowerment

 

Q20: It is more worth nurturing relationships with some shoppers than with others; they are termed as________ and they should be singled out.

  1. Consumer cooperatives
  2. Consumerism
  3. Core customers
  4. Buyer

 

Q21: Courtesy (referring to the customer by name and saying thank you) and suggestion selling is termed as _________ in the classification of customer services. They are the low cost services and value high for the shopper.

  1. Patronage builders
  2. Patronage solidifiers
  3. Disappointers
  4. Basics

 

Q22: High cost of offering the customer service and high value of the customer service to the shopper, for e.g.: transaction speed, credit, gift registry etc. is being termed as ____________.

  1. Patronage builders
  2. Patronage solidifiers
  3. Disappointers
  4. Basics

 

Q23: An upscale retailer would offer _____ customer services than a discount store

  1. Less
  2. More
  3. Average
  4. Equal

 

Q24: Researches have proven this fact that it costs 3 to 6 times more to sell product and services to_______ than to __________.

  1. new customers , existing customers
  2. existing customers , new customers
  3. loyal customers , new customers
  4. new customers , loyal customers

 

Q25: CRM is an iterative process that turns _______ into ________.

  1. customer loyalty, customer data
  2. customer data , customer loyalty
  3. customer emotions , customer data
  4. customer liability, customer data

 

Q26: This is not one of the 4 activities of the CRM PROCESS CYCLE:

  1. Analyzing customer data and identifying target customers
  2. Developing CRM programs
  3. Collecting customer data
  4. Arranging frequent customer get-togethers

 

Q27: Ideally, the database should not contain the following information:

  1. Transactions
  2. Customer preferences
  3. Responses to marketing activity
  4. Privacy and secret details of the customer

 

Q28: One of the following sentences on customer loyalty to a retailer is not true:

  1. Customers are committed to purchase merchandise/ services
  2. Resist the activities of competitors attempting to attract the customers
  3. Customers have a bond with the retailer
  4. Customer provide secret information of friends and relatives

 

Q29: Three approaches that store-based retailers generally use to overcome the problem of identifying most customers who are making in-store transactions. The following is not the right approach:

  1. Controlling the privacy concerns of the customers
  2. Connecting internet purchasing data with the stores
  3. Offering frequent shopper cards
  4. Asking customers for their identifying information

 

Q30: . _________ is a specific type of data analysis that focuses on the composition of the bundle of products purchased by a household during a single shopping occasion.

  1. RFM Analysis
  2. LTV scores
  3. Market basket analysis
  4. customer pyramid

 

Q31: A commonly used segmentation scheme divides customers into four segments. The incorrect segmentation is:

  1. Silver segment
  2. Platinum segment
  3. Iron segment
  4. Gold segment

 

Q32: Customers in this third tier probably do not deserve much attention from the retailer due to their modest LTV.

  1. Silver segment
  2. Platinum segment
  3. Iron segment
  4. Gold segment

 

Q33: A commonly used measure to score each customer is ________.It is the expected contribution from the customer to the retailer’s profits over his or her entire relationship with the retailer.

  1. RFM Analysis
  2. Life time value
  3. Market basket analysis
  4. Customer pyramid

 

Q34: Retailers know that a relatively small number of customers account for the majority of their profits. This realization is often called the _________.80% of the sales or profits come from 20 percent of the customers.

  1. 20-80 rule
  2. 80-20 rule
  3. 40-60 rule
  4. 60-40 rule

 

Q35: Customers in the lowest segment of customer pyramid can cost the company money. They often demand a lot of attention but do not buy much from the retailer.

  1. Iron segment
  2. Platinum segment
  3. Lead segment
  4. (a) and (c) both

 

Q36: This segment is composed of the retailer’s customers with the top 25 percent LTVs. These are the most loyal customers who are not overly concerned about merchandise price and place more value on customer service.

  1. Silver segment
  2. Platinum segment
  3. Iron segment
  4. Gold segment

 

Q37: . _________ is the least profitable customers in the customer pyramid.

  1. Lead segment
  2. Platinum segment
  3. Iron segment
  4. Gold segment

 

Q38: ________are the most profitable customers in the customer pyramid.

  1. Lead segment
  2. platinum segment
  3. Iron segment
  4. Gold segment

 

Q39: ________ often used by catalog retailers and direct marketers.

  1. RFM Analysis
  2. Life time value
  3. Market basket analysis
  4. Customer pyramid

 

Q40: RFM analysis stands for_____,

  1. recency, frequency, monetary
  2. requirement, fulfillment, monetary
  3. recency, freebees ,monitoring
  4. repetition, frequency , momentary

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