Customer Relationship Management

Effective CRM increases ______.

• Product prices

• Customer loyalty

• Advertising costs

• Employee turnover

Which of the following is a myth about CRM?

• It is the same as customer service

• It increases customer loyalty

• It helps in product development

• It enhances marketing strategies.

What has shifted to an 'experience' economy according to the document?

• Service

• Product

• Price

• Relationship

Fill in the blank: Customer experience management includes strategies, processes, and _______ to meet or exceed customer expectations.

• policies

• discounts

• advertisements

• promotions

What is the focus of customer experience management (CEM)?

• Cost reduction

• Customer satisfaction

• Market expansion

• Product development

What do many professionals argue we have shifted to?

• Service economy

• Experience economy

• Product economy

• Digital economy

Fill in the blank: Businesses want to receive special status and extra _______ from customers.

• benefits

• discounts

• services

• products

Fill in the blank: Customer experience management (CEM) asks, 'How can we create the best possible _______ for customers when they interact with our business?'

• experience

• product

• service

• price

What is a new concept in CRM according to the document?

• Customer experience management

• Digital marketing

• Product innovation

• Cost leadership

What is the importance of every touchpoint in customer relationship management?

• Critical

• Optional

• Insignificant

• Redundant