Module A - Step 4

Question 1

What is the Fourth step of the Marketing Process?

Answer 1

Building customer relationships.

Question 2

What is Customer Relationship Management (CRM)?

Answer 2

The combination of practices and strategies that companies use to manage and analyse the customer’s interactions and data throughout their lifecycle

Question 3

What are the advantages of building customer relationships?

Answer 3

Creates loyalty, which retains customers in the long run. This increases profits for the business.

Question 4

What is a Basic Relationship?

Answer 4

Relationships created through Promotions such as advertising and publicity.

Question 5

What are Customer-Managed Relationships?

Answer 5

Relationships in which customers interact amongst themselves and with companies to share their experience with brands, commonly done with technology

Question 6

What is Partner Relationship Management?

Answer 6

Working with partners inside (departments) and outside (suppliers) the company to deliver more value to the customers.

Question 7

Supply chain management is important, why?

Answer 7

Supply chain management is the handling of the entire process of turning raw material into a final product.
It involves a network of suppliers that move along a chain of production.

From raw material suppliers, to manufacturers, to retailers