CRM CHAPTER 1

What is the definition of Customer Relationship Management (CRM)?

• The process of engaging in cooperative activities with customers to create shared value

• The process of selecting customers that a firm can most profitably serve

• The process of shaping interactions between a company and its customers

• The process of increasing the current and future value of customers for the company

What is the ultimate goal of Customer Relationship Management (CRM)?

• To improve the current and future value of customers for the company

• To increase customer referral and sustainable business growth

• To understand specific customer needs and improve sales

• To build trust and reduce costs

What are the competitive advantages mentioned in the text?

• High goods/services quality and innovation

• High goods/services quality and leading brand management

• Leading brand management and low price

• Innovation and low price

What is the key concept of Relationship Marketing?

• 4Ps, segmentation

• Interaction, relationship

• Product and customer

• Presentation of outcome

What is the marketing focus in Relationship Marketing?

• Product

• Product and customer

• Customer acquisition

• Customer acquisition, customer retention, customer recovery

What is the time focus in Transaction Marketing?

• Interaction

• Short-duration

• Long-duration

• Customer acquisition

What is the marketing strategy in Transaction Marketing?

• Presentation of outcome

• Negotiation

• Personal interaction

• Interactive communication

How would you improve a 'Customer' to be an 'Enthusiast'?

• Persistence

• Making quick decisions

• Accepting challenges

• Looking self-trusting

How would you deal with an unhappy customer who makes a complaint?

• Supportive

• Solving problems

• Verbally articulate

• Entertaining