CRM 2

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published on November 27, 20176 responses 0

Comanies collect data from number of sources

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Commitment is shown by an exchange partner believing that an ongoing relationship with another isn't as important as the maximum effort to maintain it.

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CRM needs ABC because of its overriding goal of generating profitable relationships with customers.

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Production-oriented business believe that customers choose high-price products

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Service guarantees is an explicit promise to the customer that a prescribed level of service will be delivered.

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Products that offer better solutions to problems create more value for customers

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All CRM initiatives involve IT investments

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Customization has both cost and revenue implications

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The commitment phase is characterized by decreasing adaptation and mutually understood roles and goals.

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Are customers willing to pay a premium for customization?

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Relationship is composed of series of interactive episodes between dyadic parties over time.

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Customer intimacy: companies aligning with this value discipline aim to provide the best products, services or solutions to customers

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CRM is database marketing

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Stability – the process has identified weaknesses which are being addressed

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Intellectual buy in is Where people now what has to be changed and understand the justification for the change

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Benevolence - a belief that one party acts in the interests of themselves

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The term portfolio is often used in the context of investments to describe the collection of assets owned by an individual or institution

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CRM is marketing process

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CRM is the core business strategy that integrates internal processes and functions and external networks, to create and deliver value to targeted customers at a profit.

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Many B2B companies classify their customers into groups based on sales revenue.

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Unilateral termination is when none of the parties move to end the relationship.

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A brand is any name, design, style, word or symbol that distinguishes a product from its competitors.

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CRM is the core business strategy that integrates external processes and functions and internal networks, to create and deliver value to targeted customers at a profit

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Contact management lets users manage their communications programme with the companies.

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TCO looks only at the costs of acquiring products

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Analytical CRM uses customer-related data to support the marketing sales and service decisions that aim to enhance the value created and from customers.

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Database marketing is more evident in strategic, operational and collaborative CRM.

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The main goal of the audit is to get a clear insight into the strengths and weaknesses of the company's customer strategy.

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Heterogeneous services can be mechanically reproduced to exact specifications and tolerances.

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The external audit analyses the macro- and micro-environments in which the customer operates.

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Channels partners only distribute the ERP product

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The customer activity cycle (CAC) aims to depict the processes that customers go through when deciding how to manage their transactions in B2C cycle.

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Organization for Economic Cooperation and Development (OECD) developed a set of principles that has served the foundation for personal data protection legislation around the world.

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Communications include company-generated messaging such as advertising, brochures, newsletters and annual reports.

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Data mining can be thought of as the creation of intelligence from selected quantities of data.

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Automation of selling activities is often linked to efforts to improve and standardize the selling process

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Mystery shopping involves the recruitment of paid shoppers to report on their customer experience with the company sponsoring the research

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9. Francis Buttle's model, consists of five primary stages and 3 supporting conditions leading towards the end goal of enhanced customer profitability.

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22. Relationship satisfaction is the same as commitment.

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23. Payne's five-process model
The strategy development process
The value creation process
The multichannel integration process
The performance assessment process
The information management process:

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Service recovery includes all the actions taken by a company to resolve a service failure.

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Bystanders understand the changes being introduced, but feel no emotional buy-in to the change.

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A customer or market-oriented company shares a set of beliefs about putting the customer first.

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CRM is about loyalty schemes.

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The B2C customer is the beginning consumer: an individual or a household

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CRM is the process of managing all aspects of interaction a company has with its customers, excluding prospecting, sales and service. TRUE/FALSE

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Opetaions managment can use customer-related data to produce customized products and services

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Executive sponsor is typically a board level senior executive who commits real time to the project and ensures that resources are made available

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Calculus-based trust is present in late stages of a relationship and is quite calculative

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CRM is an IT issue.

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Fundamental reason for companies wanting to build relationships with customers isn't economic.

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Expansion is the phase in which there is decreasing interdependence

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Process mapping is a form of blueprinting, a technique popularized by G. Lyn Shostack.

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Analytical CRM focuses on the intelligent mining of customer-related data for analytical or tactical purposes

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CRM is grounded on high quality customer-related data and enabled by information technology.

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High involvement product categories have low personal significance or relevance to customers.

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If the customer returns repeatedly because she likes the store's atmosphere, the way the coffee is prepared or has taken a shine to the barista, is a example of a relationship.

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Most businesses have a scheme for classifying their customers according to their value

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Operational CRM focuses on the automation of customer-facing process such as selling, marketing and customer service.

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Websites and electronic media offer limited opportunities to create customer experiences.

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All relationships reach the commitment phase.

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Primary data are data that have already been collected

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Contact management lets users manage their communications programme with the customers.

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Over time, relationship lighten, trust and commitment between parties is likely to drop.

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When customer buys an occasional latte from a coffee shop, is a example of a relationship.

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Customization has both cost and revenue implications

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CRM can be implemented by any company.

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Referrals are generated by existing, satisfied customers through their unpaid advocacy.

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CSFs are attributes and variables that can significantly impact business outcomes

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Physical evidence includes a company’s premises but excludes their internal and external environments, print materials, websites, corporate uniforms and vehicle livery

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