Module 4

Question 1

Process of gaining new customers by persuading them to purchase a company’s products/services.

Answer 1

Customer Acquisition

Question 2

The ability of a company or product to retain its customers over some specified period.

Answer 2

Customer retention

Question 3

Seeks to increase the profit margins of a particular customer segment by offering the desired product and service at the right time through the right channel.

Answer 3

Customer Profitability

Question 4

Relates to integrating sales, marketing, and customer support to ensure that customer satisfaction is as high as possible.

Answer 4

Operational

Question 5

Organizations accurately assess who their core consumers are, how they behave, what they are looking for, and how satisfied they are.

Answer 5

Analytical

Question 6

Involves many parties, including the customer; other internal departments such as finance, sales, and service; and other interaction points with external vendors.

Answer 6

Collaborative

Question 7

Involves the extraction of market information from all customer segments from all sources, including distribution and shipping and online.

Answer 7

Knowledge Discovery

Question 8

Focuses on the development of strategies and processes directed by the knowledge discovery phase.

Answer 8

Market Planning

Question 9

Takes place at the specific customer touchpoints at which all customers interact with or contact, directly or indirectly each aspect of the organization

Answer 9

Customer Interaction

Question 10

Focuses on assessing, measuring, and evaluating the CRM process.

Answer 10

Analysis and Refinement

Question 11

CRM systems help organizations is through their capacity to streamline activities.

Answer 11

Improved Efficiency

Question 12

The established means of increasing favorable customer experiences and communication, as it is capable of tracking the connection of an organization with customers on all touchpoints.

Answer 12

Customer Focus

Question 13

Integrated systems have instruments for collecting, analyzing, and making sense of customers’ and prospects’ information, so an organization can gather ideas to enhance its services and offerings.

Answer 13

Data Accessibility

Question 14

The result of improved workflows and communication between the employees of a business, as a result of an understanding of their responsibilities and roles.

Answer 14

Enhanced Accountability

Question 15

A large store of data accumulated from a wide range of sources within a company and used to guide management decisions.

Answer 15

Data Warehouse

Question 16

The graphical representation of the data generated by a report (or multiple reports) at a certain point in time.

Answer 16

Dashboards

Question 17

A private network accessible only to people within an organization that employees use to share information and resources.

Answer 17

Intranet

Question 18

Interactions that occur between a business and a customer before, during, and after a purchase.

Answer 18

Touchpoints

Question 19

Occurs when a business adapts its message based on how someone uses a product, the benefits that person wants, how the person shops or pay, and the individual’s loyalty status.

Answer 19

Behavioral Segmentation

Question 20

Occurs when a business adapts a message based on someone’s values, opinions, attitudes, and lifestyle.

Answer 20

Psychographic Segmentation

Question 21

Occurs when a business adapts a message based on someone’s country, state, or zipcode.

Answer 21

Geographic Segmentation

Question 22

Occurs when a business adapts a message based on someone’s age, gender, race, ethnicity, education, and income.

Answer 22

Demographic Segmentation

Question 23

A type of performance measurement. KPIs evaluate the success of an organization or of a particular activity in which it engages.

Answer 23

Key Performance Indicators (KPIs)