Exam 3: Customer Relationship Management Crm and Building Partnerships

__________ involves using data stored about a particular customer or customer group; helps send the particular customer information and promotional material when the data suggests the customer will be interested in a purchase.

__________ focuses on aggregating customer information electronically, allowing for better identification of target markets and opportunities for cross-selling.

Transactional selling exhibits high levels of collaboration among partners, equality, shared vision, benefits and goals, and high levels of trust.

The exploratory statistical analysis of the data in the data warehouse, which aims to reveal relationships that allow customers to be targeted more accurately, is known as data mining.

Customer lifetime value represents the bonding, or affective attachment, between a customer and a sales firm.

Relational selling requires a longer-term focus, thus salespeople develop relationships that generate repeated transactions. These relationships require higher levels of trust, since the switching costs are increased due to greater dependence.

Dealing with different groups of customers by offering a unique product for each group refers to mass marketing.

Recognition, by both buyer and seller, that each transaction is merely one in a series of purchase agreements between a buyer and a seller is known as __________.

With CRM the salesperson does more than just create sales. In helping create value for the customer, which of the following is not among the important goals for salespeople?

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

__________ use computer technology to integrate all aspects of marketing.

Sales managers should look for following characteristics before recommending CRM software: flexible sales effectiveness processes, easy coaching, and advanced analytics.

A sales-oriented salesperson is motivated primarily by matching up customers with products that best address their needs.

The act of trading economic resources (usually money) for a specific set of benefits offered by a company is called a __________.

Drawing conclusions based on the path a customer takes while navigating information on the company website is called __________.

__________ occurs when both buyer and seller are committed to each other and avoid behaviors that may damage the relationship.

Poorly served or neglected customers are likely to start looking for alternate suppliers. Thus, relational selling 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.

All types of exchanges are accompanied by some type of governance. __________ is governed by a mechanism known as relational governance.

In __________ buyers and sellers remain independent, and each transaction is conducted as a new event.

__________ are based more on inter-organizational collaboration than on arm's-length aggressive bargaining and are not viewed as competitive. In fact, decision making often is collaborative, and firms share managerial resources and expertise when solving key strategic and tactical issues.