Podcast
Questions and Answers
Industrial Age focused on mass production and mass distribution, not on customers
Industrial Age focused on mass production and mass distribution, not on customers
True
Information Age uses interactive technologies like email, text message, and social media to understand a customer's needs
Information Age uses interactive technologies like email, text message, and social media to understand a customer's needs
True
Customer Relationship Management (CRM) is solely focused on customer acquisition
Customer Relationship Management (CRM) is solely focused on customer acquisition
False
The root of CRM is to grow the value of the customer base through enterprise-wide strategies
The root of CRM is to grow the value of the customer base through enterprise-wide strategies
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CRM aims to improve customer retention and customer acquisition through meaningful analysis and communications
CRM aims to improve customer retention and customer acquisition through meaningful analysis and communications
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Study Notes
Era of Business Focus
- The Industrial Age prioritized mass production and mass distribution, neglecting customer needs.
Information Age Characteristics
- The Information Age utilizes interactive technologies, such as email, text messages, and social media, to comprehend customer needs.
Customer Relationship Management (CRM)
- CRM is not solely focused on customer acquisition, but rather on growing the value of the customer base.
- The core objective of CRM is to develop enterprise-wide strategies to enhance customer value.
- CRM aims to improve customer retention and acquisition through:
- Meaningful analysis
- Effective communications
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Description
Test your knowledge of Chapter 1-6 in MKT4610 with this quiz on Customer Relationship Management. Explore the transition from the Industrial Age to the Information Age, focusing on customer-centric strategies and competitive advantages.
