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(answered) – 1- What is CRM? How do firms practice CRM? 2- Explain the

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(answered) – 1- What is CRM? How do firms practice CRM? 2- Explain theDescriptionSolution downloadThe Question1- What is CRM? How do firms practice CRM?2- Explain the concepts of share of customer, lifetime value of a customer, customer equity, and customer prioritization.3- How would you describe Big Data? What are some of the most significant sources of competitive advantage that Big Data offers?4- Describe the various sources of Big Data for marketers.5- What is data mining? for marketers, what are some of the most important applications?6- What is the decision facing State Farm?7- What factors are important in understanding this decision situation?8- What are the alternatives?9-What decision(s) do you recommend??Running Head: BUSINESS QUESTION AND ANSWERSBusiness Question and AnswersStudent NameCourseProfessor?s NameDate1BUSINESS QUESTION AND ANSWERS2Question 1(CRM) denotes all processes,…