CUSTOMER RELATIONSHIP MANAGEMENT EXAM WITH
ALL CORRECT & 100% VERIFIED ANSWERS|LATEST
UPDATE|ALREADY GRADED A+
Customer Relationship Management (CRM) ✔Correct Answer--transformation of people,
processes and technology needed to become a customer driven organization
-philosophy: putting customer first
-method to enhance experience of individual customers so theyre customer 4life
What is CRM about? ✔Correct Answer--building and maintaining profitable long term relationship
beyond buy/ sell transaction
By:
-focus on customer requirements
-deliver products in manner of high customer satisfaction
How?
-communicating w customers
-understanding behavior
-building system to satisfy
CRM Program ✔Correct Answer--successful CRM program is simple and complex
-simple: involves training ppl to make customers feel valued
-complex: finding affordable ways to identify potential customers&needs
*design customer contact strategies for customer satisfaction*
Why do companies need CRM? ✔Correct Answer-1. Acquire new customers
2. Retain existing customers
3. Meet changing expectations of customers
*Loyal customers are source of most profits and small % of those customers may generate most of
profits for the company*
Goals and Benefits of CRM ✔Correct Answer-1. Inc customer satisfaction, loyalty and retention
2. Faster responses to customer inquiries
3. Increased revenue
4. Growth of customer base thru referrals
5. Simplified and more cost effective marketing/sales process
6. increased sales effectiveness (closing sales faster, cross selling, up selling)
7. Access to updated customer info
8. Automations of repetitive tasks
Focus on Strategically Significant Customers ✔Correct Answer--Not all markets and customers are
equally important so building a relationship w a customer providing little value is counterproductive
, -Strategically significant customers: customers w high life time value constantly buying products,
serve as role models for others, inspire change in supplier or supply chain
*CRM is not for every customer. Some customers don't want to be committed to every brand*
CRMs Role in Supply Chain Management ✔Correct Answer--if you don't meet customer needs they
go elsewhere and take yrs worth of future purchases w them
-Companies must create methods for becoming and staying good suppliers (just like they found and
developed their suppliers)
*many firms do not sell their products directly to end product consumers, must train their immediate
customers to rep their company's products*
Predicting Customer Behaviors ✔Correct Answer--Company can collect customer buying history
and preferences for trend info to predict buying behaviors in future
-this info can be used to find out how effective their marketing, advertising and promotions have
been or not
-predictive info could be used to create more accurate forecast for marketing and sales budget
Personalizing Customer Communications ✔Correct Answer--More likely to result in sales when
company understands customer behavior/ preference; Allows firm to customize communications to
specific groups of customers
-company needs to use customer's language in meaningful way
-personalize it, show you care
-powerful way to differentiate company from competitors
-clickstream: track how customer navigates website, can help tailor websites images, discounts on
past usage
Segmenting Customers ✔Correct Answer--divide customer base into similar groups, relevant to
marketing to them to create specialized communication for each group
-Ways to group: demographics, income, geography etc
-segmenting customers allows a company to zero in on a particular population to sell specific product
-if company can identify diff segments of customers they can potentially be more efficient w
resources
Target Marketing ✔Correct Answer--the segment of customers the company has decided to aim its
products at
-its the first element of any marketing strategy
-much more effective than mass marketing & focuses on marketing to customers MOST likely to
respond
-more efficient use of resources and reduced chances of being annoyance to potential customers
who don't fit target criteria
ALL CORRECT & 100% VERIFIED ANSWERS|LATEST
UPDATE|ALREADY GRADED A+
Customer Relationship Management (CRM) ✔Correct Answer--transformation of people,
processes and technology needed to become a customer driven organization
-philosophy: putting customer first
-method to enhance experience of individual customers so theyre customer 4life
What is CRM about? ✔Correct Answer--building and maintaining profitable long term relationship
beyond buy/ sell transaction
By:
-focus on customer requirements
-deliver products in manner of high customer satisfaction
How?
-communicating w customers
-understanding behavior
-building system to satisfy
CRM Program ✔Correct Answer--successful CRM program is simple and complex
-simple: involves training ppl to make customers feel valued
-complex: finding affordable ways to identify potential customers&needs
*design customer contact strategies for customer satisfaction*
Why do companies need CRM? ✔Correct Answer-1. Acquire new customers
2. Retain existing customers
3. Meet changing expectations of customers
*Loyal customers are source of most profits and small % of those customers may generate most of
profits for the company*
Goals and Benefits of CRM ✔Correct Answer-1. Inc customer satisfaction, loyalty and retention
2. Faster responses to customer inquiries
3. Increased revenue
4. Growth of customer base thru referrals
5. Simplified and more cost effective marketing/sales process
6. increased sales effectiveness (closing sales faster, cross selling, up selling)
7. Access to updated customer info
8. Automations of repetitive tasks
Focus on Strategically Significant Customers ✔Correct Answer--Not all markets and customers are
equally important so building a relationship w a customer providing little value is counterproductive
, -Strategically significant customers: customers w high life time value constantly buying products,
serve as role models for others, inspire change in supplier or supply chain
*CRM is not for every customer. Some customers don't want to be committed to every brand*
CRMs Role in Supply Chain Management ✔Correct Answer--if you don't meet customer needs they
go elsewhere and take yrs worth of future purchases w them
-Companies must create methods for becoming and staying good suppliers (just like they found and
developed their suppliers)
*many firms do not sell their products directly to end product consumers, must train their immediate
customers to rep their company's products*
Predicting Customer Behaviors ✔Correct Answer--Company can collect customer buying history
and preferences for trend info to predict buying behaviors in future
-this info can be used to find out how effective their marketing, advertising and promotions have
been or not
-predictive info could be used to create more accurate forecast for marketing and sales budget
Personalizing Customer Communications ✔Correct Answer--More likely to result in sales when
company understands customer behavior/ preference; Allows firm to customize communications to
specific groups of customers
-company needs to use customer's language in meaningful way
-personalize it, show you care
-powerful way to differentiate company from competitors
-clickstream: track how customer navigates website, can help tailor websites images, discounts on
past usage
Segmenting Customers ✔Correct Answer--divide customer base into similar groups, relevant to
marketing to them to create specialized communication for each group
-Ways to group: demographics, income, geography etc
-segmenting customers allows a company to zero in on a particular population to sell specific product
-if company can identify diff segments of customers they can potentially be more efficient w
resources
Target Marketing ✔Correct Answer--the segment of customers the company has decided to aim its
products at
-its the first element of any marketing strategy
-much more effective than mass marketing & focuses on marketing to customers MOST likely to
respond
-more efficient use of resources and reduced chances of being annoyance to potential customers
who don't fit target criteria
