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 (B)</p> Signup and view all the answers

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

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

What is the outcome of effective customer relationship management?

<p>Competitive differentiation (D)</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 (C)</p> Signup and view all the answers

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

<p>Awareness (D)</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 (C)</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 (A)</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 (B)</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 (C)</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 (A)</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 (C)</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 (D)</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 (D)</p> Signup and view all the answers

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

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

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