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Customer Relationship Management (CRM)

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Questions and Answers

What are some aspects considered when a customer is cultivated and starts operation?

Supply chain management, inventory control, quality assurance

Ordering, futuristic planning, nature of products (correct)

Advertising strategies, employee training, financial projections

Competitor analysis, market research, pricing strategy

What are the benefits of a good CRM program for a business?

Maximize shareholder value, minimize tax liabilities, improve employee satisfaction

Expand market reach, diversify product portfolio, enhance brand visibility

Reduce operational costs, streamline production, optimize supply chain

Acquire customers, increase customer value, retain good customers (correct)

What does a good CRM program help a business determine about its customers?

Which customers can be retained or given a higher level of service (correct)

Demographic trends of potential customers

Psychographic profiles of existing customers

Geographic distribution of target market

Study Notes

Customer Relationship Management (CRM)

A customer is "cultivated" when a business starts to build a relationship with them, typically through various touchpoints such as marketing campaigns, sales interactions, and customer service engagements.

Benefits of a Good CRM Program

A good CRM program helps a business to streamline and manage customer interactions and data, leading to improved customer relationships and increased revenue.
CRM programs provide businesses with valuable insights and data analysis to inform strategic decisions and drive growth.

What CRM Helps Determine About Customers

A good CRM program helps a business determine customer needs, preferences, and behaviors, enabling personalized and targeted marketing, sales, and customer service efforts.
CRM programs provide businesses with a comprehensive understanding of customer interactions, including purchase history, communication history, and customer feedback.

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Description

Learn about the importance of CRM programs in acquiring, servicing, and retaining customers, as well as determining the value of customers to the company.