What Is CRM?

Question 1

What are the pillars of CRM?

Answer 1

Get, keep, grow

To grow the value of the customer base the enterprise must get, keep and grow customers.

Question 2

What are the four Ps of traditional marketing that focus in the get portion of get, keep, grow?

Answer 2

Product
Place
Price
Promotion

Question 3

What is a learning relationship?

Answer 3

The customer teaches the enterprise about his or her preferences and the enterprise tailors its responses to those preferences, so that it becomes worthwhile for the customer to remain loyal than to switch for a competitor at any price.

Question 4

What are the benefits of a learning relationship?

Answer 4

Customer loyalty
The customer learns more about his or her preferences
The enterprise learns more about its own strengths and weaknesses

Question 5

What is required to become a customer-strategy enterprise?

Answer 5

A unified view of the customer across the five principal business functions:
Financial
Production, logistics and service delivery
Marketing communications, customer service and interaction
Sales distribution and channel management
Organizational management strategy

Question 6

What is meant by diagnosing a company on CRM?

Answer 6

Understanding where a company is on their CRM journey and it implies a close look into:
Current organizational situation and strategy
Marketing processes and campaigns
Data availability
IT strategy and information architecture

Question 7

What is customer relationship management?

Answer 7

An enterprise wide-approach to understanding and influencing customer behavior through meaningful analysis and communications to improve customer acquisition, retention and profitability