Read the following Internet articles regarding CRM What is CRM? Software for managing customer data by Josh Fruhlinger and Thomas Wailgum in cio.com https://www.cio.com/article/272365/customer-relationship-management-crm-definition-and-solutions.html Operational CRM (from Management Study Guide) ( http://www.managementstudyguide.com/operational- crm.htm ) Analytical CRM (from Management Study Guide) ( http://www.managementstudyguide.com/analytical- crm.htm ) CRM Strategy: Make Every Customer More Profitable by By: eWeek Editors ( http://www.eweek.com/c/a/Enterprise-Applications/CRM-Strategy-Make-Every-Customer-More-Profitable/ ) 1. Briefly explain what CRM is like. (10 points) 2. CRM can be classified into the two main types: operational CRM and analytical CRM. Briefly explain the two types and give an example for each type. (10 points) 3. Why does Harrahs' loyalty program work when others don't? (10 points) 4. One of the key concept in CRM is the Life Time Value of a customer. Let's assume that we are a company that sells coffee and snack and Tom is our customer. Calculate Customer Lifetime Value (CLV) of Tom. The formula of CLV is Average purchase value per visit * Frequency of visit per week * Average customer lifespan in weeks * Profit margin rate Tom 's average expenditure per visit is $10 and Tom visited us 10 times per week on average. A customer usually remains as a customer for 2 years (i.e., the average customer lifespan is 104 weeks (2 years *52 weeks per year) and profit margin per customer is 10% on average. (20 points)