28 Questions
What is the primary goal of a collaborative CRM approach?
To remove silos between sales, marketing, and customer service teams
Which type of CRM focuses on automating customer-facing processes like selling, marketing, and customer service?
Operational CRM
What is the primary purpose of strategic CRM?
To win and keep profitable customers
Which type of CRM involves transforming customer-related data into actionable insights?
Analytical CRM
Which type of CRM is used by all teams in the organization, not just customer-facing teams?
Collaborative CRM
What is CRM primarily focused on?
Maximizing profitability, revenue, and customer satisfaction
How does CRM help organizations in managing customer interactions?
By enabling organizations to manage interactions across multiple channels and geographies
What does CRM consider as part of managing customer interactions?
Customer prospecting and service operations
What role does technology play in CRM?
Technology is essential for CRM journey management
What does CRM aim to achieve through customer-centric processes?
Strengthen the company/customer relationship
In what way does CRM differentiate itself from traditional operations?
By organizing around customer segments and optimizing the customer journey
What is the primary focus of strategic CRM according to the text?
Developing a customer-centric business culture to win, develop, and keep profitable customers
What is the key difference between the product and production orientations according to the text?
Product orientation believes customers choose products with the best quality, while production orientation seeks to offer the best value for money, time, and effort.
What is a potential risk of the product orientation?
It can lead to over-specifying or over-engineering for the requirements of the market, making the offering too costly for many customer segments.
Which of the following is NOT a characteristic of the production orientation according to the text?
Develop customized offers and routes to market
What type of customers are more likely to respond positively to claims about product excellence in the product orientation?
Customers with high-end preferences
What is the key limitation of the product orientation according to the text?
It can result in over-engineering and high costs for many customer segments.
What type of businesses focus their innovation on supply chain optimization and simplification?
Production-oriented businesses
Which approach involves producing low-cost products and then heavily promoting them to sell?
Make and sell approach
What is the risk of excessive focus on operational efficiency according to the text?
Becoming blind to disruptive changes
What belief do businesses have about customers' needs in the text?
Customers do not have unique needs or wants
What is the focus of the 'price and convenience segment' in most markets?
Providing convenient products to customers
Which strategy is considered unsustainable in the text?
Producing cheap products that no one wants to buy
What is the primary focus of the customer experience (CX) movement?
Understanding and improving the customer's interactions with the business
Why is it important to ensure the voice-of-the-customer is heard during CRM project planning and implementation?
To avoid negative customer experiences resulting from poorly implemented CRM
What is the relationship between CRM technologies and customer experience (CX)?
CRM technologies can fundamentally change CX for the better
What is the primary focus of the business strategy mentioned in the text?
Determining which customers to target and what products/services to offer
What is the primary role of IT support and customer intelligence in implementing a customer management strategy?
Enabling cost-effective implementation of the strategy for large organizations
Explore the strategic and managerial perspective on Customer Relationship Management (CRM) as an integrated approach to identifying, acquiring, and retaining customers. Learn how CRM helps organizations maximize the value of customer interactions and drive superior corporate performance.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
