Marketing: 3-1 Customer Relationship Management (CRM)

What does 'Closure' refer to in a business context?

• When the potential customer becomes an official customer

• The process of storing company data

• The final stage of a marketing campaign

• When a company shuts down

What is 'Customer Churn'?

• A strategy for new product development

• The increase in customer satisfaction over time

• The percentage of customers that stopped buying a product during a certain period

• The process of acquiring new customers

What is the purpose of a Customer Relationship Management (CRM) System?

• To manage interactions with current and potential customers

• To track employee performance

• To manage financial transactions

• To analyze sales data

What does 'Customer Retention' refer to?

• The process of reducing prices to retain customers

• The method of calculating customer satisfaction

• The actions a company takes to continue its relationship with its customers

• The strategy to increase the number of new customers

What is 'Data Mining'?

• The process of finding patterns in data to predict outcomes

• The electronic storage of data

• The act of selling data to third parties

• The process of extracting valuable minerals

What is the purpose of 'Data Warehousing'?

• To manage customer relationships

• To track the sales pipeline

• To store large amounts of company information electronically

• To mine data for patterns

What does 'Nurturing' in a sales context mean?

• When a company provides a specific offering and the customer considers if it's a good fit

• The process of training new employees

• The act of improving product quality based on customer feedback

• The initial stage of identifying potential customers

What is 'Prospecting' in sales?

• The process of identifying potential customers

• The final stage of closing a sale

• The method of analyzing sales data

• The strategy of pricing products

What does 'Qualification' refer to in a sales process?

• Determining if a customer has the potential or need to purchase

• The process of delivering the product to the customer

• The act of storing customer data

• Certifying the sales team

What is a 'Sales Pipeline'?

• A visual summary of potential customers in various stages of the sales process

• A method for transporting products

• The process of hiring sales personnel

• A strategy for increasing sales