Strategic Perspective on CRM Definitions

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What is the primary goal of a collaborative CRM approach?

To win and keep profitable customers

To transform customer data into actionable insights

To automate customer-facing processes

To remove silos between sales, marketing, and customer service teams (correct)

Which type of CRM focuses on automating customer-facing processes like selling, marketing, and customer service?

Strategic CRM

Analytical CRM

Collaborative CRM

Operational CRM (correct)

What is the primary purpose of strategic CRM?

To transform customer data into actionable insights

To automate customer-facing processes

To win and keep profitable customers (correct)

To remove silos between teams

Which type of CRM involves transforming customer-related data into actionable insights?

Analytical CRM Signup and view all the answers

Which type of CRM is used by all teams in the organization, not just customer-facing teams?

Collaborative CRM Signup and view all the answers

What is CRM primarily focused on?

Maximizing profitability, revenue, and customer satisfaction Signup and view all the answers

How does CRM help organizations in managing customer interactions?

By enabling organizations to manage interactions across multiple channels and geographies Signup and view all the answers

What does CRM consider as part of managing customer interactions?

Customer prospecting and service operations Signup and view all the answers

What role does technology play in CRM?

Technology is essential for CRM journey management Signup and view all the answers

What does CRM aim to achieve through customer-centric processes?

Strengthen the company/customer relationship Signup and view all the answers

In what way does CRM differentiate itself from traditional operations?

By organizing around customer segments and optimizing the customer journey Signup and view all the answers

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 Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

Which of the following is NOT a characteristic of the production orientation according to the text?

Develop customized offers and routes to market Signup and view all the answers

What type of customers are more likely to respond positively to claims about product excellence in the product orientation?

Customers with high-end preferences Signup and view all the answers

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. Signup and view all the answers

What type of businesses focus their innovation on supply chain optimization and simplification?

Production-oriented businesses Signup and view all the answers

Which approach involves producing low-cost products and then heavily promoting them to sell?

Make and sell approach Signup and view all the answers

What is the risk of excessive focus on operational efficiency according to the text?

Becoming blind to disruptive changes Signup and view all the answers

What belief do businesses have about customers' needs in the text?

Customers do not have unique needs or wants Signup and view all the answers

What is the focus of the 'price and convenience segment' in most markets?

Providing convenient products to customers Signup and view all the answers

Which strategy is considered unsustainable in the text?

Producing cheap products that no one wants to buy Signup and view all the answers

What is the primary focus of the customer experience (CX) movement?

Understanding and improving the customer's interactions with the business Signup and view all the answers

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 Signup and view all the answers

What is the relationship between CRM technologies and customer experience (CX)?

CRM technologies can fundamentally change CX for the better Signup and view all the answers

What is the primary focus of the business strategy mentioned in the text?

Determining which customers to target and what products/services to offer Signup and view all the answers

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 Signup and view all the answers