Business Management I Standard 3.00 Review (v.2019)

Which of the following statements is true about customer relationship management (CRM)?

• A business has implemented a CRM program if it is providing good customer service.

• Price is the most important factor in building a long-term buyer/seller relationship.

• A primary goal of CRM is to maximize the long-term value of customer relationships.

• Organizational culture has little effect on a customer's experiences with a business.

In the modern business world, a growing number of interactions between businesses and customers are taking place:

• through the mail.

• over the phone.

• in stores.

• on the Internet.

Which of the following types of information does a company need customer input to obtain?

• Dates of store visits

• Suggestions for new products

• Types of products purchased

• Amount of money spent

What is an important aspect of a customer-centric business?

• Limiting the employees' decision making

• Aligning business activities with customer needs

• Being satisfied with the status quo

• Reducing the number of touch points with customers

One action that an ethical business can take to help build the long-term trust and loyalty of its customers is to:

• send daily opt-in e-mail messages to customers.

• maintain detailed information about customers' transactions.

• sell its customer list to third parties without permission.

• implement a comprehensive customer privacy policy.

Kemper Corporation continuously updates the firewalls on its web site to protect its customers' personal information from theft. Kemper's action helps build trust with its customers in relation to:

• calculation errors.

• physical safety.

• product tampering.

• online security.

An important aspect of using technology in customer relationship management involves:

• providing customers with excessive product information.

• posting customer information on the business's web site.

• allowing employees to have complete access to customer information.

• updating customer information in the computer database.

Which type of customer relationship management software would be most appropriate for a company that is looking for a more efficient way to track leads, prospects, and customers?

• Personalization technology

• Campaign management software

• Sales force automation technology

• Matching engine technology

The MSB Company provides its customers with critical or time-sensitive product information by sending them alerts or messages through their cellular phones. What form of technology is MSB using as an element of customer relationship management?

• Dial up

• Traditional

• Global positioning

• Wireless

How does having a customer-service mindset benefit a business's employees?

• It increases the employees' efficiency levels.

• It helps the business achieve its profit goals.

• It creates a competitive work environment

• It helps employees advance in their careers.