WorksheetsCRM Quiz-2
Total questions: 35
Worksheet time: 21mins
What are the key stages of CRM?
Customer Feedback, Service Improvement, Brand Awareness
Data Analysis, Market Segmentation, Pricing Strategy
Market Research, Product Development, Sales Strategy
Lead Generation, Lead Management, Customer Acquisition, Customer Retention, Customer Loyalty
What forces are driving the adoption of CRM?
Improved customer relationships and data management.
Increased marketing costs and complexity.
Reduced customer engagement and loyalty.
Limited access to customer data and insights.
List three benefits of implementing a CRM system.
Reduced team collaboration
Increased manual data entry
1. Improved customer relationships 2. Streamlined processes 3. Enhanced data analysis
Higher customer acquisition costs
How has the CRM market grown in India?
The CRM market in India is primarily driven by traditional marketing methods.
The CRM market in India has declined due to lack of technology adoption.
The CRM market in India has grown significantly, driven by digitalization and increased focus on customer experience.
There has been no significant change in the CRM market in India over the past decade.
What are the key principles of CRM?
Key principles of CRM include understanding customer needs, building relationships, personalizing communication, leveraging data, and ensuring customer satisfaction.
Ignoring customer feedback
Standardizing all communication without personalization
Focusing solely on sales
What groundwork is necessary for effective CRM use?
Random customer feedback collection
Clear understanding of customer needs, proper data management, staff training, system integration, and defined goals.
Hiring more salespeople
Increased advertising budget
A person or company that yields a revenue more than incurred costs of selling and serving is called
A. dissatisfaction
B. superior value
C. profitable customers
D. satisfied customers
Total Customer Benefits Includes
product benefits
service benefits
image benefits
all of above
Customers lifetime purchases that generate net present value of future profit streams is called
customer lifetime value
customer purchases value
customer cost incurred
customer relationships
Customer Relationship Management is about
Acquiring the right customer
Instituting the best processes
Motivating employees
All of the above
Any occasion on which brand or product is encountered by end customers is called
Relationship touch point
Retailers touch point
Customer touch point
Company touch point
A _________ is an organized collection of detailed information about individual customers or prospects that is accessible, actionable and current for marketing purposes such as lead generation and others.
Customer database
Customer mailing list
Business database
None of the above
This is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests, spending habits, and so on.
Customer managed relationship
Customer life cycle
Customer segmentation
Change management
Outbound e-mail management helps organizations handle inbound queries raised by customers.
True
False
Customer Relationship Management is a process which combines
people, processes and program to learn more about customers.
people, processes and technology to learn more about suppliers.
people, processes and technology to learn more about suppliers.
people, prospects and technology to learn more about customers.
Which are the two frameworks that CRM essentially works on?
Operational and analytical.
Analytical and behavioural
Analytical and customer-focused
Operational and customer-focused
The key requirements for a CRM role involves all of the following EXCEPT
retain all customers.
handle different customers differently.
anticipate customer needs and fulfil them.
Increase value for your customers and of your customers.
The customer lifecycle management model can be broken down into several key steps:
Approach -> Development -> Acquisition -> Retention.
Acquisition -> Approach -> Development -> Retention
Approach -> Acquisition -> Development -> Retention.
Acquisition -> Development -> Approach -> Retention.
The FOUR common modules of a CRM system are
Marketing, Sales, Service and Finance.
Marketing, Sales, Service and Analytics.
Marketing, Sales, Service and Human Resource.
Marketing, Sales, Human Resource and Analytics.
Which of the following is NOT a recent CRM trend?
Relying on official documentation.
Data mining will gain prominence.
Social CRM will boost relationships.
Companies will offer amazing customer experience.
The marketing module enables companies to
spot trends by connecting data from any source.
solve customer problems and close cases faster.
create 1-to-1 customer journeys across email, mobile, social, ads and the web.
move deals faster by tracking customer information and interactions in one place.
Cost Per Click (CPC) is ideal when you want to maximise awareness for your brand and target large audience.
True
False
The first step in the CRM Process
Generating Brand Awareness
Acquiring Leads
Converting Leads to Customers
Drive upsells
This refers to activity that selling organization undertakes in order to reduce customer defection.
Customer Retention
Acquisition
Advocacy
Customization
It is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
Customer perceived value
Value proposition
customer cost
Value delivery system
Customer churn refers to
Customer defection
Customer anxiety
customer loyalty
customer value
Which of the following is an example of customer retention program?
Customization
Community building
Frequency/loyalty programs
all of the above
Which of the following is not a strategy used to prevent defection?
diversify the product line
address key churn driver
increase switching costs
analyze customer defection
the components of IDIC model are:
Identify, Differentiate, Interact, Customize
Identify, Dependable, Interact, Communicate
Identify, Differentiate, Interact, Communicate
Identify, Dependable, Interact, Customize
This is the fuel of the Fourth Industrial Revolution.
Business
Money
Data
Coins
This is the next step in CRM process once you’ve successfully introduced your brand to the market
Generating Brand Awareness
Converting Leads to Customers
Drive upsells
Acquiring Leads
The objective of these projects is to build an infrastructure that meets the technical and functional requirements of CRM.
Operational CRM projects
Analytical CRM projects
Application projects
Strategic CRM Projects
This CRM model built with a strong theoretical principles and practical requirements of the business.
Value chain
IDIC
Quality competitiveness index
Forrester
If marketers raise customer expectations too high, the buyer is likely to be disappointed. However, if the company sets expectations too low, it ___
will not attract more buyers
will raise the value proposition
will create customer loyalty
will lower total customer cost
The Fifth generation of CRM is also known as (a) CRM.
