Computer relation management

Which of the following statements about sources of customer data are correct?

Customer surveys, social media, and analytics are used to gather data on current customers, which helps inform possible future patterns.

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

Of the following categories, which are identity data?

Identity data includes categories for name, address, date of birth, and contact information.

The information needed to calculate share of customer is provided, in large part, by

customer relationship management systems

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

enterprise software.

Apple has a very high customer equity (CE) value. Apple has gained this high CE value due to

extreme customer loyalty.

One benefit of using a CRM system to segment a market (rather than another type of market segmentation tool) is that a good CRM tool

facilitates using the company's own, collected data about customers.

According to Harvard Business School professor Clayton Christensen, 75% of the new products introduced every year fail.

false

What is a key advanced technology behind CRM analytics?

online analytical processing

How do CRM systems make it easier for businesses to target a market segment? More than one answer option may be correct.

provide a variety of analytical tools that can be used to precisely identify a target market, collect useful information at the point of sale, and save time and resources.

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, and how customers comparison shop online

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., and Online analytical processing (OLAP) is separate from data discovery and analysis.

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

LinkedIn Sales Navigator

Which of the following statements about the application of CRM systems to customer qualification are true?

Qualifying sales leads helps businesses make more informed and efficient sales decisions. CRM software provides the opportunity to create targeted sales funnels. Pursuing unqualified sales leads can lead to wasted time and resources, and CRM systems can assist businesses with this problem.

Describe what is known about relatively recent data breaches. More than one answer may be correct.

Risk Based security, there were over 2037 publicly reported data breaches in the first half of 2020. These data breaches exposed over 27 billion records of information. The reason these data breaches occurred was due to misconfigured databases and services.

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.

Which of the following is the term for CRM analytics that provides information about where data erosion occurs and how the erosion can be minimized?

Standardized Data Collection Processes

Organizations can use CRM software to help them identify marketing qualified leads (MQLs).

True

From the following list, select all the sales prospecting tools that are most often integrated with CRM systems

Zoominfo, LinkedIn Sales Navigator, and Oracle DB 19C

From the following list, select ways in which CRM systems are used for

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, and serving as the sole means of identifying all prospective leads

How is quantitative data about a customer most accurately characterized?

as a record of how a customer interacts with a business

A company has an excess of puffer jackets at the end of the season that it wants to sell quickly. In order to quickly sell this excess inventory, they send out emails to customers currently in their database. However, they want to determine what type of sale their customers find most motivating, so they send out three different emails with different discounts (BOGO free, 50% a purchase over $100, or free expedited shipping). The information gained during this campaign will be tracked, and customers who made purchases will receive similar email offers in the future. What type of CRM strategy is the company using?

demonstrating the value of CRM

If a customer segmentation tool supports integration, what is it able to do?

efficiently link data from various sources and platforms

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

HubSpot reported that in a recent survey of sales professionals, 92% of the participants considered sales prospecting to be the most difficult stage in the sales process.

false because CRM software helps businesses identify which leads are MQL and which are SQL so that the businesses can properly engage both groups and turn them into customers.

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 wallet

When a business is selecting a customer segmentation tool, what factor or feature does Salesforce.com recommend the business consider?

integration data collection tools cost location

Descriptive data about a customer includes categories such as

lifestyle and career.

To calculate an organization's customer equity (CE) value we first determine

lifetime revenue

Why does Europe's General Data Protection Regulation (GDPR) govern the transfer of data outside of the EU?

to ensure data protection wherever the data is processed,this was required as a condition of Brexit,to provide data security for EU citizens living abroad, and to prevent companies from circumventing the rule by processing or hosting data outside of the EU

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 the term for a CRM that tracks the type of sale that is most likely to make a person purchase an item that they have previously viewed on an e-commerce site?

user experience

CRM software provides which of the following important customer qualification benefits?

users with information that helps them identify good prospective customers and create customized sales funnels.