4.1 Identify the Steps to Perform an End-To-End Renewals Motion with the Customer in Partnership with the Account Team 700-805 Practice Questions (Page 2)

Questions 6–10

1. 6foundation · easy

   What is typically required before a renewal contract can be finalized?

   • AOnly the customer's verbal agreement
   • BInternal approvals and customer signature
   • CA handoff to customer success
   • DOnly the renewals manager's approval
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2. 7foundation · easy

   How should the renewals manager and account team collaborate during the renewal process?

   • ABy having the renewals manager make all decisions without account team input
   • BBy having the account team take over all customer communication
   • CBy working independently and only meeting at the end
   • DBy sharing customer insights and aligning on the renewal strategy
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4. 8expert · hard

   During a renewal negotiation, the customer's CFO joins the call and states that the renewal must be signed within 48 hours or the budget will be lost. The account team is concerned that the customer is using time pressure to get a discount. The renewals manager has not yet received final approval for the proposed pricing. What should the renewals manager do?

   • ATell the customer that the deadline is not realistic and that the renewal will take at least two weeks.
   • BAsk the account team to make a decision on the discount without waiting for formal approval.
   • CAcknowledge the deadline, commit to working toward it, but do not concede on price without verifying the urgency and obtaining the necessary approvals.
   • DAccept the deadline and immediately offer a discount to expedite the approval process.
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5. 9application · medium

   During a renewal discussion, a customer expresses frustration that they have not seen value from a specific support service and questions whether to renew. The renewals manager wants to address this objection effectively. What should the renewals manager do in partnership with the account team?

   • AAcknowledge the concern, review the customer's usage data with the account team, and present a value summary that ties the service to specific business outcomes.
   • BEscalate the issue to the account team and ask them to handle the objection alone since they have the relationship.
   • CPromise additional services at no cost to sweeten the renewal and show goodwill.
   • DOffer a significant discount immediately to retain the customer and avoid a lengthy negotiation.
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6. 10application · medium

   A renewal has been negotiated and the customer has agreed to the terms. The contract requires approval from the customer's legal team and the vendor's finance department. What should the renewals manager do to facilitate the contracting process?

   • ACoordinate the submission of the contract to both approval teams, track progress, and proactively address any questions or delays.
   • BAssume the verbal agreement is sufficient and start the post-renewal handoff.
   • CSend the contract to the customer's legal team and wait for them to return it signed.
   • DAsk the account team to handle all approval processes since they have the relationships.
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