Padlet_Strategic Account Management by Williams Odion

CRM (Customer relationship Management)

williamsfrancisod — 2024-09-06 13:39:34 UTC

In business terms, CRM is aimed at providing value added services, creating lasting mutual relationship using latest information processing tools tailored to the needs of each business. In the IT context it is a tool used in gathering data for processing and decision making.

In the field of business, CRM helps in strategically managing customer relationship. It could be used to simplify data retrieval and usage for businesses, and can be applied in areas such as marketing, sales and operations. A company who would love to optimise its strategy could use CRM to do so. In B2B companies could use it to identify leads through a comprehensive record keeping and data retrieval process. It also as the capability to generate analytical information which could be used for decision making. Various CRM tools could be used in the B2B context such as the Microsoft Dynamics, Hubspot, Cloud, ODOO etc.

Transaction based selling/marketing and Relationship based selling/marketing.

williamsfrancisod — 2024-09-06 14:17:02 UTC

Transaction based selling/marketing is based on short term benefit with a company while relationship based selling/marketing promotes customer/business loyalty and can create room for a long term mutual relationship.

Transactional could be seen as contacting potential business partners for the purpose of closing a deal where immediate sale and result is the ultimate goal no string attached. Example of relationship selling/marketing could be seen in a sales agent who goes as far as knowing more about the clients needs and tailors its approach in order to get a lead.

supply chain

williamsfrancisod — 2024-09-18 16:42:34 UTC

It is a logistics chain of system used in conveying products from one end to the other. A company who purchases items for resale could have a supply chain consisting of the manufacturer, distributor, wholesaler and finally to the company who could be a retailer.

Channel partner

williamsfrancisod — 2024-09-23 11:49:01 UTC

Channel partners can be a company or an individual who is more like an intermediary who makes sure products and services are distributed making use of their expertise and technical knowhow of the market.

Offensive and Defensive strategy

williamsfrancisod — 2024-09-23 12:02:44 UTC

Offensive strategy is a strategy used by companies to expand their market share, usually done to gain more leads or customers while defensive strategy is usually aimed at retaining customers or building a block for customers who would want to switch. Defensive strategy for example can be a company building a good customer intimacy program in order to gain their loyalty.

Intermediaries

williamsfrancisod — 2024-09-23 12:05:25 UTC

They are middle men, they could be retailers, suppliers or wholesalers. They could make use of their machineries, knowhow, expertise to foster growth and distribution.

Channels of Distribution

williamsfrancisod — 2024-09-23 12:28:24 UTC

The channels of distribution could comprise of distributors, wholesalers, retailers and agents. A production company for example could have distributors who would advertise its products to the market and also be a key distributors of the same product for a commision, Wholesalers could buy at a large quantities from distributors, while retailers buy at reasonable quantities from wholesalers or dsitributors for sales in thier stores. Agents are more like customer relationship managers connecting companies and customers to a product or service.

Cross channel communication

williamsfrancisod — 2024-09-23 12:59:14 UTC

A cross channel communication is a means a company uses in reaching out to customers, prospects etc, using different communication channels such as email, social media.

Dash board

williamsfrancisod — 2024-09-23 13:10:35 UTC

A dash board is a platform that shows at a glance vital informations such as analytical informations and some other vital inscriptions. A company who uses CRM can spool informations and have them in a dash board to showcase vital informations. In ODOO, it makes Analytical data to be pooled by sorting different categories and creating a dash board to show case at glance vital information for decision making.

Retailers

williamsfrancisod — 2024-09-23 13:23:12 UTC

Retailers are those entities that buy products and services for onward sales to end users or resellers online or in their stores for a commission.

Occupational Customer

williamsfrancisod — 2024-09-23 13:27:37 UTC

They are those set of customers that purchase products and services according to their preferences. They might not buy all of a companies product or services but go for specifics taylored to their needs. e.g Investors buying a company shares, students buying school material from a store or a company who specialises in selling house hold items buying gas cookers from a company.

CRM for sales and marketing

williamsfrancisod — 2024-09-23 13:57:03 UTC

CRM for sales and marketing are enterprise solutions used to optimise sales strategy as well as marketing etc. They could help a company identify key partners, as well as those that needs to nurtured and discarded. examples are the Microsoft Dynamics 365, Sales force CRM, Hubspot, Social CRM.

CRM for sales could also be used by companies to keep record of inventories, how many products purchased by a particular company for a specific period etc.

Key performance index

williamsfrancisod — 2024-09-23 15:02:53 UTC

Key performance Index are a quantifiable measurement used by companies to measure the goal of engaging in a B2B relationship. For example a company who engages in buying Gas cookers abroad could use a KPI of how fast the distributors gets the items across, as well using the KPI on retailers to measure how much they invest in buying their products for onward sale. It could also be used to measure the sales of a companies product by another firm.