BM: 7-1 Customer Relationship Management (CRM)

What is the primary purpose of a CRM?

• To increase the company's stock value

• To manage employee performance

• To improve a company's relationship with its customers

• To reduce the company's operational costs

What does CRM stand for?

• Customer Request Management

• Company Resource Management

• Customer Relationship Management

• Customer Retention Mechanism

Which of the following is NOT a stage in the Sales Pipeline?

• Product Development

• Customer Retention

• Closure

• Prospecting

What is Customer Churn?

• The growth rate of a company's customer base

• The process of acquiring new customers

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

• The process of negotiating prices with customers

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

• Increased operational efficiency

• Customer needs may be neglected

• Decreased marketing costs

• Improved employee satisfaction

What is Data Mining?

• The process of manually analyzing customer feedback

• The process of deleting outdated customer information

• The process of storing large amounts of data

• The process of finding patterns and anomalies in data to predict outcomes

How do CRMs help with customer retention?

• By increasing product prices

• By reducing the number of products offered

• By capturing the entire history of a customer’s experience

• By offering loyalty discounts to new customers

What is the role of marketing CRMs?

• To track employee attendance

• To categorize leads using marketing segmentation

• To manage the company's budget

• To automate the sales process entirely

What does the sales pipeline help companies estimate?

• The CEO's performance

• Upcoming sales

• The number of employees needed

• The company's stock prices

What is the result of proper utilization of a CRM?

• Increased customer complaints

• Prevention of irreparable customer mistakes

• Decreased sales

• Reduction in the number of employees