Lesson 12

Question 1

CRM

Answer 1

It’s a process for managing all and organizations interactions with its customers when performed correctly CRM helps a firm increase its revenue and profit because it aligns The Firm structure and allocates resources to focus the company on his relationship with customers

Question 2

Two key metrics that marketers focus on within CRM

Answer 2

CLV customer lifetime value – and return on customer investment ROCI

Question 3

CLV customer lifetime value

Answer 3

Represents how valuable a customer is on a purchase by purchase measurement and over the entire period of their engagement with the organization

Question 4

ROCI return on customer investment

Answer 4

Helps the organization prioritize how its resources are used

Question 5

Both CLV & ROCI are important because a customer can have a high CLV but the cost to serve that customer may be high because of necessary investments this results in a lower ROCI

Answer 5

True

Question 6

CRM process cycle

Answer 6

Knowledge discovery, market planning, customer interaction, analysis and refinement

Question 7

Knowledge discovery

Answer 7

Organizational learning occurs through an analyzing all the information gained from customer touch points

Question 8

Market planning

Answer 8

Organizational action happens because output from the discovery is used to create marketing and customer strategies and plans

Question 9

Customer interaction

Answer 9

Organizational action happens through the implementation of marketing strategies and plans

Question 10

Analysis and refinement

Answer 10

Organizational learning occurs in response to the customer interaction and implemented strategies and plans