Module 5: Customer Relationship
Management, Exam Questions &
Answers/ Graded A+/
B2B Sales - -Sales to another company that consumes the product or services as part of operating
the business or uses the product in the assembly of the final product it sells to consumers
Customer relationship...
Module 5: Customer Relationship Management , Exam Questions & Answers/ Graded A+/ B2B Sales - ✅✅ -Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sell s to consumers Customer relationship management (CRM) - ✅✅ -is a combination of policies, processes, and strategies implemented by a company that unify its customer interaction and provide a mechanism for tracking customer information Customer relationshi p management (CRM) is a term applied to processes implemented by a company to handle its contact with leads, prospects, and customers. As a business strategy, CRM puts the emphasis on meeting the needs of the customer. - ✅✅ -true leads - ✅✅ -Information abo ut a potential customer prospect - ✅✅ -qualified and interested potential customer CRM software is used to support these processes, storing information on current, past, and prospective customers. Information in the system can be accessed and entered by employees in different departments such as sales, marketing, customer service, traini ng, professional development, performance management, human resource development, and compensation - ✅✅ -true Because CRM relies on customer data —and specifically the effective use of internal data —it is important to discuss CRM systems in the context of m arketing information and research - ✅✅ -true CRM helps sales and marketing organize data about leads, contacts, and customers. Better customer engagement leads to customer retention. - ✅✅ -true CRM systems are powerful software systems that serve several e ssential functions for marketing, sales, and account management. Organizations use them to - ✅✅ -- capture internal data about customers and customer interactions and house these data in a central location; - provide business users with access to customer d ata to inform a variety of customer touch points and interactions; - conduct data analysis and generate insights about how to better meet the needs of target segments and individual customers; and - deliver a marketing mix tailored to the needs and interes ts of these target segments and individual customers CRM is a combination of policies, processes, and strategies implemented by a company that unify its customer interaction and provide a mechanism for tracking customer information. - ✅✅ -true CRM benefit s companies by enabling more unified customer interactions, supporting the process of converting leads to customers, and providing data for marketing and sales insights. - ✅✅ -true CRM software allow companies to track a variety of customer interactions, i ncluding how each customer or prospective customer relationship is progressing over time. - ✅✅ -Many CRM packages also include sophisticated analytical tools to help marketing and sales analysts examine the data and find patterns and correlations that help them better anticipate and address customer needs (with the goal of strengthening each customer relationship).2 Finally, it is worth noting that CRM functions are collaborative and can be used to build more effective supplier and vendor relationships. Benefits of CRM - ✅✅ -operational, analytical, collaborative benefit: Operational - ✅✅ -definition: These include the primary activities of CRM work. Operational CRM relates to integrating sales, marketing, and customer support to ensure that customer satisfac tion is as high as possible. example: Ensure customer satisfaction by integrating sales, marketing, and customer support Benefit: Analytical - ✅✅ -Definition: CRM has a substantial data -oriented side as well, particularly with the rise of useful CRM data gathering tools. Utilizing the benefits of big data (where available),
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