3-1 Customer Relationship Management (CRM)

How do CRMs help companies with their sales pipelines?

• By managing company finances
• By tracking employee performance
• By maintaining all customer-facing touchpoints in one place
• By automating production processes

What is the purpose of analytical tools in a CRM?

• To manage company finances
• To provide relevant data about customers
• To improve relationships with customers
• To automate production processes

What is the primary purpose of a CRM?

• To improve relationships with customers
• To track employee performance
• To manage company finances
• To automate production processes

What is the concept of Customer Churn?

• The percentage of customers that interacted with your company's website
• The percentage of customers that referred your product to others
• The percentage of customers that bought your product during a certain period of time
• The percentage of customers that stopped buying your product during a certain period of time

What are the stages of a Sales Pipeline?

• Prospecting, Nurturing, Closure, Customer Retention
• Prospecting, Qualification, Nurturing, Closure
• Engage, Convert, Retain, Repeat
• Locate, Reach, Engage, Convert

What is the concept of Data Warehousing in the context of a CRM?

• The process of automating sales processes
• The electronic storage of large amounts of company information
• The process of managing customer relationships
• The process of finding patterns and anomalies in data to predict outcomes

What can happen if a company doesn’t utilize a CRM or manage their sales pipeline appropriately?

• Customer needs may be neglected
• Employee salaries may increase
• Company profits may decrease
• Customer complaints may decrease

What is the purpose of a CRM in managing a company's sales pipeline?

• To manage company finances
• To automate production processes
• To improve relationships with customers
• To track employee attendance

What is the process of finding patterns and anomalies in data to predict outcomes in the context of a CRM?

• Sales Pipeline
• Data Warehousing
• Data Mining
• Customer Retention

What is the role of a CRM in future marketing efforts?

• To track employee attendance
• To automate production processes
• To improve relationships with customers
• To manage company finances