Exam 3: Customer Relationship Management Crm and Building Partnerships

In which of the following ways are AI and machine learning applications that are at the heart of marketing automation transforming CRM?

The customer becomes the heart of the business process in __________ firms.

Drawing conclusions based on the path a customer takes while navigating information on the company website is called click-stream analysis.

The major advantage of relational selling and strategic partnerships is that they decrease dependence on partners.

Which of the following statements about sales force automation (SFA) is inaccurate?

__________ is characterized by short-term customer needs. Sales reps make periodic sales calls, with high-volume customers receiving more frequent visits than low-volume customers.

Operational CRM focuses on using information to improve internal efficiencies.

When a sales firm acts consistently with the view that each and every interaction with a customer is a unique and independent event refers to __________.

Strategic partnerships result in continuous, recurring exchanges, which requires intensive levels of communication, relationship openness, information sharing, joint problem solving, strategic integration, and mutual learning.

Poorly served or neglected customers are likely to start looking for alternate suppliers. Thus, __________ is characterized by frequent, even daily contacts between the sales force and the customer, or by electronic systems that enable the seller to monitor various aspects of the buyer's business, such as inventory levels and reorder points.

__________ refers to a computerized process for analyzing customer databases in a way that allows more effective selling by tailoring product and promotional offerings to a specific customer's sales patterns.

__________ is an electronic storage center containing data records from diverse information systems that are shared across all functional departments.

Relationship marketing occurs when the goals, strategies, and resources of buyers and sellers become so interconnected and intertwined that they develop an integrated, symbiotic relationship although still retaining their independent identities.

__________ refers to offering a specialized product to an individual customer segment with specialized needs.

In companies that rely on transactional selling salespeople acquire detailed knowledge needed to maintain healthy relationships with customers. Much information-including sales histories, forecasts, and even market research results-are shared between firms, often in real time.

Which of the following is a major disadvantage of relational selling and strategic partnerships?

Customer retention refers to the percentage of customers who will repeatedly purchase products from the selling firm.

Relational-based governance involves arrangements for sharing information and tasks between the buying and selling firm, but falls short of spelling out specific obligations for each party.

__________ involves matching individual products with individual customers.

A touchpoint refers to points in time when the customer and the company come together, either personally or virtually.