MKT 3-1 Customer Relationship Management (CRM) Business U Quiz

What is the term for when a company converts a potential customer into an official sale?

• Closure

• Customer Churn

• Prospecting

• Qualification

What does Customer Churn refer to?

• The percentage of customers that stopped buying your product

• The process of finding patterns in data

• The electronic storage of company information

• The actions a company takes to keep customers

What is a Customer Relationship Management (CRM) System used for?

• Managing company interactions with customers

• Finding patterns in data

• Storing large amounts of information

• Identifying potential customers

What does Customer Retention involve?

• Actions to maintain repeat customers

• The electronic storage of information

• The process of finding data patterns

• Identifying potential customers

What is Data Mining?

• The process of finding patterns and anomalies in data

• The electronic storage of large amounts of information

• A visual summary of potential customers

• The stage where selling occurs

What is the purpose of Data Warehousing?

• Electronic storage of large amounts of company information

• Finding patterns in data

• Converting potential customers into sales

• Identifying potential customers

What is Nurturing in the sales process?

• The quoting stage where selling occurs

• The electronic storage of information

• Finding patterns in data

• Identifying potential customers

What does Prospecting involve?

• Identifying potential customers

• Storing large amounts of information

• Finding patterns in data

• Converting potential customers into sales

What is Qualification in the sales process?

• Determining if a customer has potential or need to purchase

• The electronic storage of information

• Finding patterns in data

• Converting potential customers into sales

What is a Sales Pipeline?

• A visual summary of potential customers in the sales process

• The electronic storage of information

• Finding patterns in data

• The quoting stage where selling occurs