CIB 4203 - Chapter 1 exam questions with correct answers 2024

CIB 4203 - Chapter 1 exam questions with correct answers 2024 *______ is about creating sustainable connections between an organization and its customers.* A. ARM B. BRM C. CRM D. DRM - ANSWERS CRM *CRM evolved in the late ______ as a way to redefine customer and company relations, mostly with the help of computerized measurement tools.* A. 1980's B. 1990's C. 2000's D. 2010's - ANSWERS 1990's *Organizations that implement CRM programs do so because the impact to their bottom line is immediately measurable.* A. True B. False - ANSWERS True *Implementing a CRM program is a cheap undertaking.* A. True B. False - ANSWERS *False* Implementing a CRM program is an expensive undertaking. List 3 things that the CRM theory includes. - ANSWERS 1- Recording every customer and company interaction. 2- Developing sophisticated database measurement tools to demonstrate consumer preferences. 3- Collecting data for a blatant purpose: shrink cost and increase employee productivity. 4- A focus on servicing existing customers (retention) rather than recruiting new ones. 5- Reliance on highly skilled use of resources at significant price. List 4 types of CRM - ANSWERS 1- Strategic CRM 2- Operational CRM 3- Analytical CRM 4- Collaborative CRM *Focused upon the development of a customer-centric business culture.* A. Strategic CRM B. Operational CRM C. Analytical CRM D. Collaborative CRM - ANSWERS Strategic CRM *This culture is dedicated to winning and keeping customers by creating and delivering value better than competitors.* A. Strategic CRM B. Operational CRM C. Analytical CRM D. Collaborative CRM - ANSWERS Strategic CRM *The culture is reflected in leadership behaviors, the design of formal systems of the company, and the myths and stories that are created within the firm.* A. Strategic CRM B. Operational CRM