Customer Relationship Management (CRM) Quiz

What does CRM stand for?

• Customer Relationship Management

• Customer Relationship Marketing

• Customer Relationship Methodology

• Continuous Relationship Marketing

What is the primary goal of CRM?

• To decrease customer satisfaction

• To decrease usage of more prestigious items

• To increase administrative costs

• To improve long-term growth and profitability through a better understanding of customer behavior

Which companies benefit the most from CRM?

• Retail banks

• Retail stores

• Movie theaters

• Auto dealers

What is the IDIC model of CRM?

• Identify, Differentiate, Interact, Customize

• Identify, Develop, Integrate, Communicate

• Integrate, Differentiate, Interact, Communicate

• Identify, Develop, Integrate, Customize

What is the CRM Value Chain?

• The QCi Model of CRM

• Identify, Differentiate, Interact, Customize

• Payne’s 5-process Model of CRM

• Gartner’s Competency Model of CRM

What is the main focus of Operational CRM?

• Sales-force automation

• Service automation

• Marketing automation

• Analytical mining

What are the CRM advantages for retail banks?

• Increase in average products sold per customer over one year from 4.6 to 6.2

• 3-5 percent decrease in administrative costs

• 200 percent return on technology investment through cost reduction over one year

• 96 percent reduction in average time for a CCC agent to refer a customer to a branch loan office

What are the selected definitions of CRM?

• CRM is a marketing process

• CRM is an integrated approach to identifying, acquiring, and retaining customers

• CRM is an IT issue

• CRM is about loyalty schemes

What are the sources of customer-related data for Analytical CRM?

• None of the above

• Internal sources only

• External sources only

• Both internal and external sources

What is the main focus of Strategic CRM?

• Focus upon the development of a customer-centric business culture that is dedicated to winning and keeping the customers

• Focuses on the automation of customer-facing processes such as selling, marketing and customer service

• Applies technology across organizational boundaries with a view to optimizing company, partner and customer value

• Focuses on the intelligent mining of customer-related data for strategic or tactical purposes