Disclaimer : The ideas are of my own and they might not be technically correct, It's mostly for understanding and not to be relied upon.
Q:What is an Account??Account is actually an entity with which the concerned is having Business, It could be A company, A firm, A small group.
Q:What is a Contact
Contact is usually a person with whom we are dealing with, A contact is attached to and represent an Account.
Q:What is an Opportunity?
Opportunity is the the available business prospects for the concerned.
Q:What is a Lead?
A lead is one entity which can turn out into a usually long term business Activity. In normal business process a lead when confirmed is converted into an
Account, a Contact and an opportunity.
Now let's understand it by an example.
Suppose I have a business of Stationary products (Paper, pens, pencils etc.). Currently I am providing stationary items in two companies A and B. The person
A-first from the company A asked me for a consignment for his team-members. Also another person A-second from the same company A calls me for another
consignment for the staffs who works under him.
Now here the company A and B are the two Accounts and the person A-first and A-second are the contacts who belongs to the Account A. the consignments which
both the contacts asked for are the two Opportunities.
Now one fine day a friend of mine give me the phone number of a person C-first from the Company C who is probably looking for someone who can provide a
huge consignment.
here I got a Lead with whom I can have a business deal.
I called him and after much haggling I got the order for one more consignment, Then the lead is converted into an Account(C), a contact(C-first) and an
Opportunity (the order for consignment).
In 2 days I provided the consignment for A-first and got the payment Hence the Opportunity from A-first is Closed But I still have two open
opportunities (from A-second and C-first).
A-first from the company A asked me for a consignment for his team-members. Also another person A-second from the same company A calls me for another
consignment for the staffs who works under him.
Now here the company A and B are the two Accounts and the person A-first and A-second are the contacts who belongs to the Account A. the consignments which
both the contacts asked for are the two Opportunities.
Now one fine day a friend of mine give me the phone number of a person C-first from the Company C who is probably looking for someone who can provide a
huge consignment.
here I got a Lead with whom I can have a business deal.
I called him and after much haggling I got the order for one more consignment, Then the lead is converted into an Account(C), a contact(C-first) and an
Opportunity (the order for consignment).
In 2 days I provided the consignment for A-first and got the payment Hence the Opportunity from A-first is Closed But I still have two open
opportunities (from A-second and C-first).
These were the very basic of business process flow in CRM. I hope it would have been useful in clarifying the ideas
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