CIB 4203 - Chapter 1 exam questions with correct answers 2024

CIB 4203 - Chapter 1 exam questions with correct answers 2024 *______ is about creating sustainable connections between an organization and its customers.* A. ARM B. BRM C. CRM D. DRM - ANSWERS CRM *CRM evolved in the late ______ as a way to redefine customer and company relations, mostly with the help of computerized measurement tools.* A. 1980's B. 1990's C. 2000's D. 2010's - ANSWERS 1990's *Organizations that implement CRM programs do so because the impact to their bottom line is immediately measurable.* A. True B. False - ANSWERS True *Implementing a CRM program is a cheap undertaking.* A. True B. False - ANSWERS *False* Implementing a CRM program is an expensive undertaking. List 3 things that the CRM theory includes. - ANSWERS 1- Recording every customer and company interaction. 2- Developing sophisticated database measurement tools to demonstrate consumer preferences. 3- Collecting data for a blatant purpose: shrink cost and increase employee productivity. 4- A focus on servicing existing customers (retention) rather than recruiting new ones. 5- Reliance on highly skilled use of resources at significant price. List 4 types of CRM - ANSWERS 1- Strategic CRM 2- Operational CRM 3- Analytical CRM 4- Collaborative CRM *Focused upon the development of a customer-centric business culture.* A. Strategic CRM B. Operational CRM C. Analytical CRM D. Collaborative CRM - ANSWERS Strategic CRM *This culture is dedicated to winning and keeping customers by creating and delivering value better than competitors.* A. Strategic CRM B. Operational CRM C. Analytical CRM D. Collaborative CRM - ANSWERS Strategic CRM *The culture is reflected in leadership behaviors, the design of formal systems of the company, and the myths and stories that are created within the firm.* A. Strategic CRM B. Operational CRM C. Analytical CRM D. Collaborative CRM - ANSWERS Strategic CRM *In a customer-centric culture you would expect resources to be allocated where they would best enhance customer value, reward systems to promote employee behaviors that enhance customer satisfaction and retention, and customer information to be collected, shared and applied across the business.* A. Strategic CRM B. Operational CRM C. Analytical CRM D. Collaborative CRM - ANSWERS Strategic CRM *Shares a set of beliefs about putting the customer first. It collects, disseminates and uses customer and competitive information to develop better value propositions for customers.* A. Strategic CRM B. Operational CRM C. Analytical CRM D. Collaborative CRM - ANSWERS Strategic CRM *A customer-centric firm is a learning firm that constantly adapts to customer requirements and competitive conditions. There is evidence that customer-centricity correlates strongly with business performance.* A. Strategic CRM B. Operational CRM C. Analytical CRM D. Collaborative CRM - ANSWERS Strategic CRM Customer-centricity competes with 3 other business orientations. What are they? - ANSWERS 1- Product-oriented 2- Production-oriented 3- Sales-oriented *Believe that customers choose products with the best quality, performance, design or features.* A. Product-oriented B. Production-oriented C. Sales-oriented - ANSWERS Product-oriented *These are often highly innovative firms* A. Product-oriented B. Production-oriented C. Sales-oriented - ANSWERS Product-oriented *Customer's opinion is missing* A. Product-oriented B. Production-oriented C. Sales-oriented - ANSWERS Product-oriented *Little or no customer research is conducted* A. Product-oriented B. Production-oriented C. Sales-oriented - ANSWER