Module Assessment - Customer Relationship Management
Which privacy law governs the transfer of personal data outside of the geographic location the law was written in?
Europe's General Data Protection Regulation
The Federal Communications Commission is the U.S. agency that has the authority to take legal action against organizations that fail to implement and maintain reasonable data security measures.
False
Which privacy law gives the government authority to prevent unfair or deceptive trade practices?
Section 5 of the Federal Trade Commission
The design of a CRM system that collects data on customer interaction should include which of the following elements?
customer interaction monitoring information on individual customers automation factors
Sales managers must identify the customer leads that best fit the company's goals. CRM assists in this aspect of a company's sales process, which is known as
customer qualification.
The information needed to calculate share of customer is provided, in large part, by
customer relationship management systems.
From the following options, select three sources of information that a CRM system uses to collect data about current customers.
customer surveys social media monitoring procurement methods
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
What do customer relationship management (CRM) systems help businesses to do to retain their existing customers? More than one answer may be correct.
maintain customer engagement provide services to customers measure customer satisfaction
From the following list, select all the vital functions of customer relationship management (CRM) systems for businesses.
managing critical relationships helping synchronize customer interactions providing insights into customer satisfaction metrics
Share of customer, which focuses on getting as much business as possible from fewer customers, is also known as share of
wallet
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
Which of the following statements about the application of CRM systems to customer qualification are true?
An organization's goal in customer qualification is to decide whether pursuing relationships with specific customers make good business sense. Many CRM software programs can create customized sales funnels based on specific organizational needs and sales characteristics. Pursuing unqualified leads can be costly to a company.
Online analytical processing (OLAP) is the technology behind many business intelligence applications. Of the following, what three facts about OLAP and CRM are true?
CRM analytics are considered a form of online analytical processing (OLAP). OLAP includes predictive what-if analysis, report generation, and forecasting. CRM systems incorporate data mining through online analytical processing.
How do CRM systems make troubleshooting customer problems easier?
CRMs store information about customer purchases and interactions.
Which of the following statements about sources of customer data are correct?
Customer surveys collect feedback from customers. Data collection from social media platforms can be integrated within a CRM platform. Analytics are used to uncover trends in the collected data.
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.
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.
Of the following statements, which one specifically applies to the CRM integration of platforms such as Facebook, YouTube, and TikTok?
Social media platforms provide targeted customer information.
A company is trying to determine why their CRM software is not generating better leads and asks you to analyze their process. Which of the following could be reasons why their CRM is not successfully generating leads? More than one answer may be correct.
The company only has a presence on Facebook—it has no social media presence on any other platform. The CRM is not set up to track which emails potential customers are clicking on to get to their e-commerce site.
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
From the following list, select ways in which CRM systems are used for customer acquisition.
acquiring customers using social media, search, affiliate, referral, and email marketing tracking customer acquisition using a lead generation funnel tracking prospective and current customers through all stages of the funnel
How is quantitative data about a customer most accurately characterized?
as a record of how a customer interacts with a business
What is the MOST direct way in which customer relationship management (CRM) systems can help businesses increase their sales?
by helping them identify and attract prospective customers
How does using a CRM to track customer acquisition rates help organizations improve their future customer acquisition rates?
by revealing whether their marketing efforts are effective or require changes
If a customer segmentation tool supports integration, what is it able to do?
efficiently link data from various sources and platforms
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
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
From the following list, select the tasks involved in sales prospecting that a CRM and an integrated prospecting tool can assist with.
identifying potential customers (prospects) designing effective marketing strategies to reach prospects converting identified prospects into customers
From the following list, select all the departments or areas of an organization that provide customer interaction metrics.
marketing sales service
For the process of monitoring customer procurement methods, which of the following types of customer data does a CRM system collect? More than one answer may be correct.
shopping methods motivation purchase frequency
CRM software provides which of the following important customer qualification benefits? More than one answer may be correct.
the ability to make distinctions between true prospects and unrealistic sales opportunities the opportunity to create customized sales funnels based on specific organizational needs and sales characteristics
To calculate an organization's customer equity (CE) value we first determine
the future lifetime revenue the organization's customers will generate.
The concept of "share of customer" focuses on getting
the most business from the fewest customers.
Which of the following is considered an ethical use of third-party data? More than one answer may be correct.
to collect data from individuals for CRM purpose if it is clearly communicated to users and they have agreed to sell the data to third parties who use it for market and demographic analysis if it is clearly communicated to users and they have agreed
