Chapter 11

Question 1

Customer relationship management (CRM) is now also being referred to as:

Answer 1

Customer relationship marketing

Question 2

What is the difference between the transactional perspective and the relationship perspective?

Answer 2

Transactional: focuses on single economic exchanges

Relationship: focuses on customers and their relationship with the organization

Question 3

What are the 4 steps to developing a CRM strategy?

Answer 3

1) Identify (your customer)
2) Differentiate (the customers according to needs)
3) Interact (based on customer needs -> collect info about them)
4) Customize