Question

_______ requires statistical analysis software as well as software that can manage a specific marketing campaign.
1. Collaborative customer relationship management
2. Database
3. Operational customer relationship management
4. Analytical customer relationship management

Answer 1

Correct Answer - Option 4 : Analytical customer relationship management

Analytical customer relationship management requires statistical analysis software as well as software that can manage a specific marketing campaign.

Analytical Customer Relationship Management:

1. It is a subset of CRM that puts its focus mainly on the customer's retention and creation. Most of the activities involved in this process are about the data collection of the customers. The sole purpose is customer satisfaction and customer retention rates. It includes managing customer relationships by accumulating data and analyzing it, It tries to track the information of the customers like:
   • Sales Data- It includes tracking of purchase history, brand preferences.
   • Financial Data- It includes tracking payment history and credit history.
   • Marketing Data- It includes tracking customer response rates like retention data, customer satisfaction data, marketing campaigns, etc.
2. Analytical CRM requires a statistical analysis to manage marketing campaigns which are included in the marketing component of CRM.