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Customer Relationship Management (CRM) 2
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Avg score: 36% • Most missed: “Privacy issues are the primary reason for centralizing data in a CRM.”
Customer Relationship Management (CRM) 2
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25 Questions

1. Updating customers periodically about the status of their orders reinforces purchase decisions.
2. Database elaboration is the addition of information to customer or prospect records for the purpose of better describing or better determining the responsiveness of those customers or prospects.
3. Web-based interactions are an increasingly popular touch point for customers to communicate with companies on their own terms.
4. Data consolidation is an analytical process that compiles actionable data about the purchase habits of a firm's current and potential customers.
5. Volvo has a Web site that caters to car enthusiasts who might want to see concept cars evolve into real-life products. Volvo would likely have used data mining to locate people who were car enthusiasts and innovators.
6. Customer lifetime value analysis shows marketers how much they can spend to acquire new customers.
7. Channel interactions are the relationships a manufacturer has with its distributors.
8. For a CRM system to be effective, customer information must be stored in a data matrix.
9. A common CRM application is cross-selling other products or services to customers.
10. Consumers are reluctant to enter information through point-of-sale interactions because of privacy violation fears.
11. The process of centralizing data in a CRM system is sometimes referred to as the interpolation of external and internal touch points.
12. The interaction between a customer and the organization is the foundation on which a CRM system is built.
13. Customer-centric is an internal management philosophy similar to the marketing concept.
14. Privacy issues are the primary reason for centralizing data in a CRM.
15. Janie contacts calls Lands’ End to ask if the company sells pajamas for teenage girls. The customer service representative who speaks with Janie advises her of the various options. This is an example of knowledge management.
16. RFM analysis is used to delete unnecessary or duplicated data.
17. Data mining is used to find hidden patterns and relationships in the customer data stored in the data warehouse.
18. Customer relationship management (CRM) requires that organizations be organized around customer segments.
19. When Amazon.com asks visitors to its Internet site to create wish lists and then invites them to send the lists to people who may be planning on buying them a present soon, it is relying on Web-based interactions to help it learn about its customers.
20. Through customer segmentation, marketers use some past set of occurrences in order to determine what the odds are that certain other occurrences—such as a response or purchase—will take place in the future.
21. Through campaign management, all areas of the company participate in the development of programs targeted to customers.
22. To initiate the CRM cycle, a company must first identify customer relationships within the organization.
23. Response lists are especially important in database creation because past behavior is a strong predictor of future behavior.
24. Empowerment in a CRM environment is normally a process of collecting customer information through customers' feedback on products.
25. Multinational companies often face difficult problems when pulling together internal data about their customers.

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