3-1 Customer Relationship Management (CRM)

A CRM (customer relationship management) system is used by companies for what purpose?

• To manage customer interactions and relationships

• To handle financial transactions

• To develop software applications

• To conduct market research

What is a sales pipeline, and how does a CRM help with the sales pipeline?

• A sales pipeline is a visual representation of sales prospects and where they are in the purchasing process; a CRM helps by organizing and tracking these prospects.

• A sales pipeline is a financial report; a CRM helps by providing accounting tools.

• A sales pipeline is a marketing strategy; a CRM helps by creating advertisements.

• A sales pipeline is a customer service tool; a CRM helps by managing customer complaints.

The sales pipeline consists of various stages. What are these stages called?

• Prospecting, Qualification, Proposal, Negotiation, Closing

• Introduction, Development, Conclusion

• Initiation, Planning, Execution, Closure

• Awareness, Interest, Decision, Action

Prospecting in the sales pipeline process is:

• the initial stage where potential customers are identified

• the final stage where sales are closed

• the process of delivering products to customers

• the analysis of sales data

What is qualification in the sales pipeline process?

• A stage where leads are identified and assessed for potential.

• A process of closing a deal with a customer.

• A method of generating new leads.

• A strategy for retaining existing customers.

Nurturing in the sales pipeline process is:

• a process of identifying potential customers

• a method to close sales quickly

• a strategy to build relationships with leads

• a technique to increase product prices

What is Customer Churn?

• A measure of customer satisfaction

• The rate at which customers stop doing business with a company

• A strategy to increase customer loyalty

• A method to acquire new customers

If a company doesn’t utilize a CRM or manage their sales pipeline appropriately, what can happen?

• Increased sales efficiency

• Loss of potential revenue

• Improved customer relationships

• Enhanced data management

What analytical tools do CRMs provide?

• Data visualization tools

• Customer segmentation tools

• Predictive analytics tools

• All of the above

CRMs help with customer rewards programs by:

• tracking customer interactions and preferences

• offering discounts and promotions

• managing customer feedback

• all of the above