Exam 14: Customer Relationship Management

Fresh Mornings, a breakfast eatery, is suffering from poor employee customer service skills.Fresh Mornings' failure with CRM is the result of approaching CRM as a _____ project rather than an overall company strategy.

Which of the following is true about customer relationship management (CRM)?

Understanding individual interaction at each _____ is a better measure of customer loyalty than just measuring overall customer satisfaction.

Losing a customer means losing the entire future stream of purchases that the customer would make over a lifetime of patronage.

Many firms are beginning to _____ their low-value customers while focusing their time on their high-valued customers.

Which of the following is true about loyalty programs?

Peter Lawrell, a car dealer, looks at each of his loyal customers as an investment.Peter is referring to customer lifetime value.

What is customer experience management? What is its main focus?

Pastels.com, an online site selling self-branded art and craft items, creates a wow experience for every customer who visits the site.It creates a difference by providing free shipping for all products and places only those products that are in stock.A toll-free phone number, active 24/7, is placed on every page of the site.Pastels.com is an example of a company that aims to provide the best _____.

Which of the following is a static touch point?

Initially, customer relationship management (CRM) was a tool used only by the sales force to keep track of current and prospective customers.

Employees at WestJet are recognized for behaving in a way that has the customer's interests at heart.The degree to which the employees feel rewarded will help assess the state of WestJet's _____.

Describe the concept of customer relationship management.

Explain Pareto's Rule as a marketing rule of thumb.

Maria, who regularly shops for cosmetics from Beauty at Its Best using her loyalty card, receives mailings from the store offering her special coupons on cosmetic items related to her regular purchase.Beauty at Its Best is trying to increase its _____.

Instead of blogging and tweeting about its new raspberry-flavoured chocolate, Lollies Sweets Inc.encouraged customers to post positive comments about the brand by giving the first 100 buyers an additional 280 grams of the chocolate.There is a possibility that most buyers gave a biased opinion because of the freebie provided.As a result, the _____ of Lollies Sweets Inc.could have suffered.

What are the factors that occur after a relationship has been established with a customer that lead to increased profitability associated with customer retention?

A large number of companies monitor what is said about them on social media platforms like Facebook and Twitter.

What is customer lifetime value?

_____ is defined as managing customer interactions to build brand equity and improve long-term profitability.