Questions and Answers
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
True
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
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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.
