Podcast
Questions and Answers
What is a primary focus of Customer Relationship Management?
What is a primary focus of Customer Relationship Management?
- Enhancing customer experiences (correct)
- Maximizing product sales
- Reducing operational costs
- Increasing market share
Which of the following represents a benefit of Customer Relationship Management for small firms?
Which of the following represents a benefit of Customer Relationship Management for small firms?
- Reduced customer retention rates
- Increased likelihood of customer referrals (correct)
- Higher acquisition costs for new customers
- Lower price competitiveness
What changes are typically required for effective implementation of CRM?
What changes are typically required for effective implementation of CRM?
- Alterations in processes and culture (correct)
- Expansion of physical storefronts
- An increase in product features
- Higher production levels
Which of the following strategies is crucial in CRM regarding the target base?
Which of the following strategies is crucial in CRM regarding the target base?
Why might long-time customers be more valuable than new customers according to CRM principles?
Why might long-time customers be more valuable than new customers according to CRM principles?
What is one of the foundational beliefs about exceptional customer service?
What is one of the foundational beliefs about exceptional customer service?
Which key element is necessary for managing customer satisfaction effectively?
Which key element is necessary for managing customer satisfaction effectively?
What is a result of building positive transactional relationships with customers?
What is a result of building positive transactional relationships with customers?
Which of the following is NOT considered a basic benefit of a product or service in customer satisfaction?
Which of the following is NOT considered a basic benefit of a product or service in customer satisfaction?
What type of services should be delivered to excel in meeting customer preferences?
What type of services should be delivered to excel in meeting customer preferences?
What must occur before a consumer's purchase behavior can begin?
What must occur before a consumer's purchase behavior can begin?
Which of the following is an example of evaluative criteria?
Which of the following is an example of evaluative criteria?
What does the term 'evoked set' refer to in consumer behavior?
What does the term 'evoked set' refer to in consumer behavior?
How can marketing strategy influence need recognition?
How can marketing strategy influence need recognition?
Which statement about the need recognition stage is true?
Which statement about the need recognition stage is true?
What primary function does Customer Relationship Management (CRM) serve for a business?
What primary function does Customer Relationship Management (CRM) serve for a business?
Which of the following is NOT a key consideration when understanding consumer behavior?
Which of the following is NOT a key consideration when understanding consumer behavior?
Why is extraordinary customer service significant for small businesses?
Why is extraordinary customer service significant for small businesses?
Which statement is true regarding the relationship between ERP and CRM systems?
Which statement is true regarding the relationship between ERP and CRM systems?
What aspect of consumer behavior highlights the significance of consumers as decision-makers?
What aspect of consumer behavior highlights the significance of consumers as decision-makers?
What is a major benefit of using technology in CRM systems?
What is a major benefit of using technology in CRM systems?
Which of the following is a characteristic of Enterprise Resource Planning (ERP)?
Which of the following is a characteristic of Enterprise Resource Planning (ERP)?
What role does creating a customer database play in CRM?
What role does creating a customer database play in CRM?
What is a primary factor that can influence a customer's purchase decision?
What is a primary factor that can influence a customer's purchase decision?
Which scenario is most likely to evoke post-purchase dissonance in a customer?
Which scenario is most likely to evoke post-purchase dissonance in a customer?
What technique can help reduce post-purchase dissonance?
What technique can help reduce post-purchase dissonance?
Which of the following best describes a planned purchase?
Which of the following best describes a planned purchase?
What might lead to customer complaints after a purchase?
What might lead to customer complaints after a purchase?
Which option describes a common method for supporting customer post-purchase satisfaction?
Which option describes a common method for supporting customer post-purchase satisfaction?
In which purchase setting might the layout of a store particularly influence buying behavior?
In which purchase setting might the layout of a store particularly influence buying behavior?
What is a potential outcome of post-purchase dissonance?
What is a potential outcome of post-purchase dissonance?
Customer Experience Management (CEM) focuses solely on the product quality offered to customers.
Customer Experience Management (CEM) focuses solely on the product quality offered to customers.
Providing custom service is essential for maintaining extraordinary customer service.
Providing custom service is essential for maintaining extraordinary customer service.
Addressing problems promptly is considered a minor detail in customer service.
Addressing problems promptly is considered a minor detail in customer service.
Keeping in touch with customers is unnecessary for effective Customer Experience Management.
Keeping in touch with customers is unnecessary for effective Customer Experience Management.
Extraordinary service requires a formal relationship rather than a first-name basis approach.
Extraordinary service requires a formal relationship rather than a first-name basis approach.
Having a positive experience with a business does not significantly contribute to the firm’s value equation.
Having a positive experience with a business does not significantly contribute to the firm’s value equation.
Demographics and lifestyle data are essential categories for building a customer database in CRM.
Demographics and lifestyle data are essential categories for building a customer database in CRM.
Transaction data is irrelevant when creating a customer database for CRM purposes.
Transaction data is irrelevant when creating a customer database for CRM purposes.
Complaints are considered a valuable category of information in a CRM database.
Complaints are considered a valuable category of information in a CRM database.
Web 3.0 technologies are exclusively used in CRM software and are not influenced by Web 2.0.
Web 3.0 technologies are exclusively used in CRM software and are not influenced by Web 2.0.
Study Notes
Enterprise Resource Planning (ERP)
- ERP is a business management solution.
- It helps companies manage accounting and finances, supply chains and operations.
Customer Relationship Management (CRM)
- CRM is used to store and manage customer information in one central location.
- CRM stores information such as contact information, accounts, leads and sales opportunities.
- CRM is not dependent on ERP.
CRM as Business Strategy
- CRM is a company-wide business strategy that focuses on specific customer groups.
- CRM optimizes profitability and customer satisfaction.
- It prioritizes customers over products.
Benefits of CRM
- Acquiring new customers is expensive.
- Long-term customers spend more than new customers.
- Customer satisfaction leads to increased profits.
Customer Needs Recognition
- Customers realize their current state of affairs differs from their ideal state.
- Customers need to recognize a need before they begin purchasing.
- Marketing strategies can be used to increase recognition of need.
Evaluative Criteria
- Evaluative criteria are features or characteristics that customers use to compare brands.
- The evoked set is a group of brands that a customer is willing to consider.
Purchase Decisions
- Brand advertising influences purchase decisions.
- Purchase settings include stores and non-store outlets.
- Purchase intentions can be planned or spontaneous.
Post-Purchase Evaluation
- Post-purchase dissonance is the anxiety felt after a purchase.
- Dissonance can be reduced by:
- Salesperson reassurance.
- Guarantees and trial periods.
- Customer follow-ups.
- Information from other users.
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Description
Explore the fundamental concepts of Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) in this quiz. Learn how these business strategies help companies manage finances, optimize customer relationships, and drive profitability. Understand the importance of recognizing customer needs in order to improve satisfaction and retention.
