How Well Do You Know About Customer Relationship Management?

2.

Client relationships can be formal and informal.

TRUE
FALSE

Correct Answer

A. TRUE

Explanation

A service level agreement is an example of a formal relationship, as is a contract. Informal relationships can result from phone calls, visits, emails, etc. that are used to "stay in touch" and keep the provider and the supplier informed about developments.

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3.

Building long-term relationships with customers are essential for any business. The application of technology to achieve CRM is a key element of e-business but what does CRM stand for?

Consumer relationship management
Customer retailing management
Customer resource management
Customer relationship management

Correct Answer

A. Customer relationship management

Explanation

CRM stands for Customer Relationship Management. It refers to the strategies, practices, and technologies that businesses use to manage and analyze customer interactions and data throughout the customer lifecycle. CRM aims to improve customer satisfaction, enhance customer loyalty, and ultimately drive sales and revenue growth. By building long-term relationships with customers, businesses can better understand their needs and preferences, personalize their experiences, and provide timely and relevant support. The application of technology in CRM allows businesses to efficiently collect, organize, and analyze customer data, enabling them to make informed decisions and deliver better customer service.

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4.

Suppliers of office equipment are also regarded as clients.

TRUE
FALSE

Correct Answer

A. TRUE

Explanation

Good relationships with suppliers can be critical for meeting deadlines and ensuring supply of resources.

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5.

The four marketing activities within customer relationship management include customer selection, customer acquisition, customer retention, plus:

Customer referrals
Customer Up-sell
Customer extension
Customer cross-sell
Customer re-sell

Correct Answer

A. Customer extension

Explanation

Customer extension refers to the process of expanding the relationship with existing customers by offering them additional products or services. This involves identifying the needs and preferences of customers and providing them with relevant offerings that complement their initial purchase. By extending the customer relationship, businesses can increase customer satisfaction, loyalty, and lifetime value. This can be achieved through strategies such as personalized recommendations, loyalty programs, and targeted marketing campaigns.

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6.

Using digital communications technologies to maximise sales to existing customers and encourage continued usage on online services is known as:

Sense and respond communications
Mass customisation
Personalisation
Electronic customer relationship management
Customer-centric marketing

Correct Answer

A. Electronic customer relationship management

Explanation

Electronic customer relationship management (CRM) refers to the use of digital technologies to manage and enhance relationships with existing customers. It involves collecting and analyzing customer data to understand their preferences and needs, and then using this information to personalize marketing messages and offerings. By leveraging digital communications technologies, companies can maximize sales to existing customers and encourage continued usage of online services. CRM helps in building strong customer relationships, improving customer satisfaction, and ultimately driving sales growth.

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7.

What is not part of a marketing plan?

Marketing mix
Demand analysis
Competitor analysis
Government support

Correct Answer

A. Government support

Explanation

Government support is not typically considered a part of a marketing plan. A marketing plan typically focuses on the strategies and tactics a company will use to promote and sell its products or services. This includes elements such as the marketing mix (product, price, place, and promotion), demand analysis (understanding customer needs and preferences), and competitor analysis (evaluating the strengths and weaknesses of competitors). While government support can be beneficial for a company, it is not typically included as a core component of a marketing plan.

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8.

SLA stands for SERVICE LEVEL ARRANGEMENT.

TRUE
FALSE

Correct Answer

A. FALSE

Explanation

The A word is AGREEMENT. The services to be provided are the result of a mutual agreement between the provider and the client.

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9.

There are different techniques to both initiate and build relationships with customers by using a combination of online and offline techniques. What is the 'customer lifecycle' though?

Techniques to encourage customers to increase their involvement with an organisation
An approach to building and sustaining long-term business with a customer
The stages each customer will go through in a long-term relationship with a supplier
The answers above are all correct

Correct Answer

A. The stages each customer will go through in a long-term relationship with a supplier

Explanation

The customer lifecycle refers to the stages that each customer will go through in a long-term relationship with a supplier. This includes the initial stage of becoming aware of the supplier, followed by the stages of engagement, purchase, and loyalty. Understanding the customer lifecycle helps organizations to effectively manage and nurture their relationships with customers, ultimately leading to long-term business success.

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10.

Consumer values based on personality types are a form of what type of brand value?

Core
Functional
Expressive
Individual

Correct Answer

A. Expressive

Explanation

Consumer values based on personality types are a form of expressive brand value. Expressive brand values focus on creating a brand image that aligns with the personality, lifestyle, and values of the target consumers. By understanding and appealing to different personality types, brands can connect with their target audience on a deeper level and create a sense of self-expression and identity for consumers. This type of brand value emphasizes the emotional and psychological connection between the brand and its consumers.

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How Well Do You Know About Customer Relationship Management?

A designer's clients will include people from outside and inside the designer's organisation.

Quiz Preview

Client relationships can be formal and informal.

Building long-term relationships with customers are essential for any business. The application of technology to achieve CRM is a key element of e-business but what does CRM stand for?

Suppliers of office equipment are also regarded as clients.

The four marketing activities within customer relationship management include customer selection, customer acquisition, customer retention, plus:

Using digital communications technologies to maximise sales to existing customers and encourage continued usage on online services is known as:

What is not part of a marketing plan?

SLA stands for SERVICE LEVEL ARRANGEMENT.

There are different techniques to both initiate and build relationships with customers by using a combination of online and offline techniques. What is the 'customer lifecycle' though?

Consumer values based on personality types are a form of what type of brand value?