Exam 3: Customer Relationship Management Crm and Building Partnerships

A way of dealing with customers by offering the same product to the entire market is called differentiated marketing.

With CRM the salesperson does more than just create sales. A CRM system helps salespeople gather important data about the customer and the market, identify the types of data needed to give the customer better service, and provide input into how the CRM system should utilize data to create value for the customer.

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 relational exchange.

___________ is a closely related term that can be defined as the ability for computer systems to take actions without being specifically programed to perform that action.

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

Value represents an individual's selective perception of the worth of some activity, object, or idea.

Customer commitment represents the proportion of resources a customer spends with one among a set of competing suppliers.

In relational selling buyers and sellers participate in exchanges many times over a period of years, they negotiate prices and other terms each time an exchange takes place and the exchange does not require high trust levels.

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

Sales force automation refers to an integrated system of computer software and hardware used to perform certain routine sales functions that formerly were performed with independent and often manual systems.

All types of exchanges are accompanied by some type of governance. __________ is controlled by market forces.

Relational selling lie at the opposite high end of the relationship involvement (exchange) continuum.

__________ results 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.

Vertical integration is a mechanism that helps ensure the exchange is fair to all parties involved.

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

The set of products that a customer is responsible for selling is known as product portfolio.

Which of the following characteristics should sales managers not look for before recommending a particular CRM software?

__________ firms focus on making what could be sold, not selling what is made.

The net positive worth resulting from participation in exchange is known as __________.

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