Multiple Choice
Which of the following statements about savings accounts is correct?
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
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A customer relationship management (CRM) system helps a company in managing ______.
A
accounts payable and receivable
B
inventory levels and stock movements
C
payroll and employee compensation
D
interactions with current and potential customers
Verified step by step guidance1
Understand the concept of a Customer Relationship Management (CRM) system: A CRM system is designed to help businesses manage their interactions and relationships with current and potential customers. It focuses on improving customer service, retention, and satisfaction.
Clarify the scope of CRM: Unlike systems that manage financial transactions (e.g., accounts payable and receivable), inventory, or payroll, CRM systems are specifically tailored to handle customer-related data and communication.
Identify the key functionalities of CRM systems: These include tracking customer interactions, managing sales leads, automating marketing campaigns, and providing insights into customer behavior.
Compare CRM systems with other management systems: For example, accounts payable and receivable are managed by accounting systems, inventory levels are handled by inventory management systems, and payroll is managed by human resource systems.
Conclude that the correct answer is interactions with current and potential customers, as this aligns with the primary purpose of CRM systems.
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