Customer Relationship Management (CRM) Overview

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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?

To improve customer relationships Signup and view all the answers

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

To retain existing customers Signup and view all the answers

What is the outcome of effective customer relationship management?

Competitive differentiation Signup and view all the answers

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

To create strong relationships between a company and its customers Signup and view all the answers

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

Awareness Signup and view all the answers

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

Exploration Signup and view all the answers

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

To strengthen companies' relationships with their customers Signup and view all the answers

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

An intense feeling of loyalty toward the company Signup and view all the answers

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

Range of interaction possibilities Signup and view all the answers

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

Differentiating customers based on account and transaction histories Signup and view all the answers

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

Scheduling and dispatching repair personnel Signup and view all the answers

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

Ability to treat all customers individually Signup and view all the answers

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

A combination of electronic technology and banking Signup and view all the answers

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

Decision support technology Signup and view all the answers

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

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