Element 10 10.2.2 Customer Relationship Management (CRM) Quiz

Which of the following is NOT a core component of Customer Relationship Management (CRM)?

• Customer Service

• Sales Automation

• Data Warehousing

• Inventory Management

In CRM, what does the term "360-degree view" of a customer refer to?

• Comprehensive understanding of customer interactions across all channels

• Customer's credit score and financial history

• Customer's demographic information only

• Analysis of competitor's data

What is the primary goal of implementing a CRM system?

• To enhance customer satisfaction and loyalty

• To increase product variety

• To reduce advertising costs

• To automate payroll processes

Which of the following CRM strategies involves tailoring marketing efforts to individual customer needs?

• Mass Marketing

• One-to-One Marketing

• Direct Mail Marketing

• Guerrilla Marketing

How does CRM software typically help businesses improve customer retention?

• By increasing the speed of product delivery

• By providing insights into customer behaviour and preferences

• By reducing the cost of goods sold

• By automating tax calculations

In the context of CRM, what does the acronym "RFM" stand for?

• Recency, Frequency, Monetary Value

• Return, Frequency, Market Share

• Revenue, Frequency, Margin

• Recency, Form, Monetary Value

Which of the following is a benefit of cloud-based CRM systems?

• Limited scalability

• Requires extensive IT infrastructure

• Accessibility from anywhere with an internet connection

• Higher upfront costs

Which CRM metric measures the revenue generated from a customer over the entire relationship?

• Customer Lifetime Value (CLV)

• Customer Acquisition Cost (CAC)

What is the primary function of CRM analytics?

• To store customer data

• To analyse and interpret customer data to inform business decisions

• To manage the supply chain

• To handle payroll and employee benefits

Which of the following is NOT a benefit of CRM systems?

• Enhanced customer service

• Improved sales management

• Better inventory management

• Increased marketing effectiveness