Customer Relationship Management (CRM) Overview
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Questions and Answers

What is the primary focus of a company seeking to succeed in today's competitive market?

  • Expand into new markets
  • Reduce operational costs
  • Invest in new technologies
  • Focus on customer needs (correct)

    • What is the second phase of CRM?

  • Acquisition
  • Enhancement (correct)
  • Termination
  • Retention

    • What is the value proposition to customers during the Acquisition phase?

  • Superior product backed by excellent service (correct)
  • Personalized marketing strategies
  • Loyalty programs
  • Greater convenience at lower cost

    • What is the purpose of the three phases of CRM?

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

    What is the primary goal of the Retention phase of CRM?

    <p>To retain existing customers</p> Signup and view all the answers

    What is the outcome of effective customer relationship management?

    <p>Competitive differentiation</p> Signup and view all the answers

    What is a major goal of marketing according to the provided text?

    <p>To create strong relationships between a company and its customers</p> Signup and view all the answers

    What stage of customer loyalty involves recognizing a company or product name?

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

    In which stage of customer loyalty do customers learn more about a company or its products?

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

    What is the benefit of one-to-one marketing and usage-based segmentation?

    <p>To strengthen companies' relationships with their customers</p> Signup and view all the answers

    What is a result of creating good customer experiences, according to the provided text?

    <p>An intense feeling of loyalty toward the company</p> Signup and view all the answers

    What is a key aspect of customer experience, according to the provided text?

    <p>Range of interaction possibilities</p> Signup and view all the answers

    What is a key aspect of effective CRM, according to the text?

    <p>Differentiating customers based on account and transaction histories</p> Signup and view all the answers

    What is a primary function of the field service application mentioned in the text?

    <p>Scheduling and dispatching repair personnel</p> Signup and view all the answers

    What is a key benefit of having detailed knowledge about customers?

    <p>Ability to treat all customers individually</p> Signup and view all the answers

    What is one definition of E-Banking mentioned in the text?

    <p>A combination of electronic technology and banking</p> Signup and view all the answers

    What does the text suggest is a powerful enabler of CRM?

    <p>Decision support technology</p> Signup and view all the answers

    What is a potential outcome of having detailed knowledge about customers?

    <p>Ability to disengage from high maintenance, low-margin prospects</p> Signup and view all the answers

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