CRM Programs Are Tools Used by Companies to Track Spending

question 25

Multiple Choice

CRM programs are tools used by companies to track spending by collecting information, such as customer identification and contact information, and some form of information on the RFM of the customers' purchase history. What does RFM represent?

• A) Recency Frequency Monetary
• B) Recency Financial Monetary
• C) Retention Frequency Memory
• D) Retention Financial Memory

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Definitions:

Mutual Agency

A legal principle in partnerships where each partner has the authority to bind the partnership (and other partners) in contracts related to the business's usual operations.

Positive Net Income

A financial situation where a company's total revenues exceed its total expenses, indicating profitability.

Inexpensive to Organize

Refers to the low cost associated with setting up a certain type of business structure or organization.

Personal Assets

Items or properties owned by an individual that have value.