What is the customer relationship management (CRM)? What are the functions of CRM? How do firms benefit from CRM systems?
Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.
CRM systems are designed to compile information on customers across different channels -- or points of contact between the customer and the company -- which could include the company's website, telephone, live chat, direct mail, marketing materials and social media.
CRM systems can also give customer-facing staff detailed information on customers' personal information, purchase history, buying preferences and concerns.
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Marketing
- What is the product life cycle and what is it based off of?
- What are the types of brand valuation?
- What counts most in motivating the sales force?
- What are the determinants of service quality?
- What are the characteristics of services marketing and what are their marketing problems/solutions?
- What is a product mix? What are the four dimensions of a product mix?
- What is a brand? What are the advantages of branding?
- What is a product? what are three levels of a product?
- Describe the different types of value propositions on which a company might position its products.
- Explain the four major segmentation variables for consumer markets.
- Explain the four major steps in designing a customer-driven marketing marketing strategy.
- Explain the major types of buying situations.
- Identify and describe the stages in the adoption process of a new product.
- Describe the steps of the buyer decision.
- Explain Maslow's hierarchy of needs.
- Differentiate between the three types of marketing research objectives: exploratory research, descriptive research, and causal research.
- Explain the steps involved in the marketing research process.
- Marketers can obtain needed information from internal data, marketing intelligence, and marketing research. Describe some common sources of each of these.
- Discuss the four Ps of the typical marketing mix.
- Discuss the four Ps of the typical marketing mix.
- What is a business portfolio? How does a company typically conduct a portfolio analysis?
- Define customer equity, and explain why it is important to a company.
- Compare and contrast the product and production concepts.
- Using suitable examples, briefly compare and contrast the concepts of needs, wants, and demands. Discuss how these concepts relate to the marketing practices.