Customer Relationship Management

From the following list, select all the ways in which CRM systems assist businesses in targeting a market segment.

- They are used to identify a target market and provide insights into the profiles of these customers. -They help identify the common characteristics of target market members, including geographic location, demographic and psychographic backgrounds, and income level. -They provide analysis of customer characteristics, which is an important part of the target market identification process.

When a business is selecting a customer segmentation tool, what factor or feature does Salesforce.com recommend the business consider? More than one answer may be correct.

- integration - data collection tools -cost

Which of the following descriptions accurately apply to three CRM analytics functions?

-Customer value and profitability is a function that identifies high-value customers. -Personalization is a function that supports customized marketing. -Predictive modeling is a function that connects prior information to future decisions.

A new app wants to use CRM to analyze whether a new feature would generate reliable income. Which of the following could be used to determine this? More than one answer may be correct.

-The company uses the CRM to track how many users access this new feature and how much time they spend using it. -The company uses the CRM to track how much more or less time users who access that feature spend in the app overall.

In which customer interaction instances is automated messaging especially useful? More than one answer may be correct.

-when a customer transaction warrants an initial acknowledgment - when information about task scheduling needs to be conveyed

From the following list, select all the customer characteristics that are commonly analyzed by a CRM and used to create an ideal customer profile.

-where customers are located -what customers buy and how often -why customers make their purchase

What is the primary reason that businesses use CRM systems to help them identify MQLs and SQLs during the customer acquisition process?

Different engagement is needed to turn each type of lead into a customer.

Research on how qualified sales leads positively affect both close rates and ROI (return on investment) indicates that a firm's use of CRM software is not relevant.​

False

Which CRM-compatible sales prospecting tool utilizes the profiles and connections on a social media platform to generate prospects?

LinkedIn Sales Navigator

How do businesses ultimately benefit from using a CRM to identify the highest revenue customers in a target market, before developing a marketing campaign?

They save time and money by targeting this precise segment of the market.

Analytics can provide insight into how customers and members of the organization interact with the customer relationship management software. This information can be used to design data collection strategies that encourage interaction and use.

True

What is one of the greatest risks of an organization storing customer data?

data breaches

Customer interaction encompasses all communication between a customer and an organization. A customer relationship management system (CRM) captures interactions from which three of the following sources?

email social media traditional mail

Gartner IT Services company predicts that by 2021, customer relationship management systems will be the single largest revenue area of spending in

enterprise software.

One of the benefits of using a CRM system is that data can be analyzed and provided to assist in measuring the value that the future lifetime revenue an organization's customers will generate minus customer acquisition costs and customer retention costs. This value is referred to as customer

equity.

Which level of share of wallet means that existing customers are spending more to purchase products or services from one organization than they are from direct or indirect competitors?

high share of wallet

Customized communication is best described as

matching the message to the individual customer.

What is a key advanced technology behind CRM analytics?

online analytical processing

The concept of "share of customer" focuses on getting

the most business from the fewest customers.

Share of customer, which focuses on getting as much business as possible from fewer customers, is also known as share of

wallet.