Question

Which of the following stages in a customer relationship management cycle is characterized by the sharing of customer information to all areas of a business after it has been analyzed and transformed into useful information?

a) identifying profitable and un-profitable customers.
b) leveraging customer information.
c) identifying customer relationships with the organization.
d) storing and integrating customer data.

Answer 1

The correct answer is letter "B": leveraging customer information.

Step-by-step explanation:

Customer Relationship Management (CRM) refers to the set of steps companies take to store and handle information about consumers to build long-lasting relationships with them. The CRM cycle involves:

• Identifying customer relations.
• Understand interactions with the current customer base.
• Capture customer data based on interactions.
• Store and integrate customer data using IT.
• Identify the best customers.
• Leverage customer information.

Leveraging customer information implies studying the database including all the customer details, preferences and patterns to share it among different units within the firm. It is the final stage in the CRM cycle and the objective of the system since thanks to this data the institution will be able to profit out of the implementation of the CRM.