Chapter 1: Customer Relationship Management
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Questions and Answers

What is the main focus of Customer Relationship Management?

  • Increasing customer loyalty
  • Managing customer databases
  • Acquiring new customers
  • Shaping relations between customers and working teams (correct)

    • What has led to changes in the concept of CRM?

  • Diversification with time (correct)
  • Aging population
  • Changes in customer needs
  • Advancements in technology

    • What is critical in the conceptual understanding of CRM?

  • Managing customer relationships
  • Managing customer value (correct)
  • Managing customer databases
  • Managing customer interactions

    • What is the purpose of value management?

    <p>To help businesses understand customer value</p> Signup and view all the answers

    What is the primary focus of Customer Relationship Management?

    <p>Value of the customer</p> Signup and view all the answers

    What is a key aspect of CRM practices in the modern world?

    <p>Use of technology</p> Signup and view all the answers

    What is a benefit of using CRM?

    <p>Improving customer relationships</p> Signup and view all the answers

    What marked the final stage of CRM evolution?

    <p>Cloud-based CRM</p> Signup and view all the answers

    What is a key change that has driven the evolution of CRM?

    <p>Changes in population needs</p> Signup and view all the answers

    What is a key benefit of implementing CRM?

    <p>Enhanced customer relationships</p> Signup and view all the answers

    What is a key aspect of the Third Generation of CRM?

    <p>Database marketing</p> Signup and view all the answers

    What is a critical aspect of managing customers?

    <p>Managing customer value</p> Signup and view all the answers

    What is the relationship between customer and company in CRM?

    <p>Interdependent</p> Signup and view all the answers

    What has driven the evolution of CRM?

    <p>Changes in IT industry</p> Signup and view all the answers

    What is a key characteristic of the Fourth Generation of CRM?

    <p>Cloud-based CRM</p> Signup and view all the answers

    Why is customer value essential in CRM?

    <p>To enhance customer relationships</p> Signup and view all the answers

    What is the primary goal of Strategic CRM?

    <p>To add value to the customer over time</p> Signup and view all the answers

    Which of the following is an element of Strategic CRM?

    <p>Culture</p> Signup and view all the answers

    What is the expected outcome of implementing Strategic CRM?

    <p>Improved company growth and positive customer relationships</p> Signup and view all the answers

    What is the role of the manager in Strategic CRM?

    <p>To become more prominent and professional</p> Signup and view all the answers

    What is the sequence of Strategic Management steps?

    <p>Gain, Define, Analyze, Build</p> Signup and view all the answers

    What is a key component of Building CRM?

    <p>Customer centricity</p> Signup and view all the answers

    What is the expected benefit of Strategic CRM for customers?

    <p>More support and facilitating tools</p> Signup and view all the answers

    What is the primary focus of Strategic CRM?

    <p>Building customer relationships</p> Signup and view all the answers

    Study Notes

    Concept of CRM

    • CRM involves customer care, documentation, analysis, databases, customer loyalty, acquisition, and documentation.
    • CRM is a strategic process that shapes the relationships between customers and working teams through interactions.

    Introduction to CRM

    • The concept of CRM has evolved over time due to changes in population needs and diversification.
    • Factors contributing to this evolution include an aging population, increased diversity, and individualization.

    Managing Customer Relationships

    • Managing customers is critical in understanding CRM.
    • Changes in customer needs, marketplaces, and market functions require effective customer relationship management.

    Benefits of Customer Value Management

    • Customer value management helps create and maintain positive relationships with customers.
    • Techniques such as database marketing, ERP, and SFA support customer value management.

    Evolution of CRM

    • CRM has evolved through four generations: mainframe, database marketing, ERP and SFA, and cloud-based setup.
    • Each generation built upon the previous one, adapting to changes in the IT industry.

    CRM and IT Revolution

    • The evolution of CRM is closely tied to the development of IT.
    • Generational changes in CRM reflect the growth of the IT industry.

    Customer and Company in CRM

    • Customer value is essential in CRM and cannot be ignored.
    • Customer and company are interlinked, and their relationships are critical in CRM.

    Strategic CRM

    • Strategic CRM involves a vision, culture, integration, data technology, and implementation.
    • Strategic CRM elements include gaining enterprise support, building CRM, analyzing data, defining CRM, and empowering customers.

    Benefits of Strategic CRM

    • Strategic CRM leads to company growth and positive relationships between companies and customers.
    • It provides more support to customers and facilitates tools for managers.

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    Description

    This quiz covers the concept of Customer Relationship Management, including its role in customer care, documentation, analysis, and loyalty. It also introduces marketing concepts and creating customer value and engagement.

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