Business and Marketing Quiz

Bapang Romy’s junkshop is located far from the town proper, causing potential customers to choose closer competitors. With this in mind, which of the following could be a significant external factor that might negatively affect his business?

• His plan to expand to Sta. Ana

• His junkshop's cleanliness and orderliness

• Limited employees affecting customer service

• The location of his junkshop far from the town proper

Imagine you are managing a business and want to calculate the Customer Lifetime Value (CLV) to make informed decisions about marketing and customer retention strategies. How would you design a plan to utilize CLV data for balancing your investments in acquiring new customers versus retaining existing ones?

• Focus primarily on acquiring new customers by offering large discounts.

• Invest equally in customer acquisition and retention without considering CLV data.

• Increase the price of products to enhance overall revenue without considering the CLV.

• Use CLV data to identify the most profitable customers and focus on creating loyalty programs for retention.

After observing a company's efforts to build strong customer connections through personalized services and loyalty programs, which of the following would NOT be a likely outcome of such a strategy?

• Generate new customers

• Higher sales

• Lower sales

• Repeat customers

Why is it important for businesses to focus on customer service when implementing relationship marketing?

• To increase product prices

• To reduce the need for advertisements

• To improve customer loyalty and retention

• To limit the number of customer interactions

The athlete visits the spa three times a month and spends P3,000 per visit for a period of six years. How would you apply the CLV formula to calculate the new CLV?

• Add the total spend per visit to the retention time in years.

• Multiply the average spend per visit by the number of visits per month and the retention time in years.

• Divide the total spend per visit by the number of months in a year and the retention time in years.

• Multiply the average spend per visit by the number of visits per year and the retention time in years.

If you were to open a new fast food restaurant, which customer service practice would be most important to offer to increase convenience for customers?

• Drive-through

• Free parking

• Free appliance installation

• Free alteration on garments

If a utility company offers 24-hour customer hotline service, what is the likely purpose behind this practice?

• To save the company money on operating hours

• To reduce the number of calls received from customers

• To encourage customers to visit the utility office in person

• To ensure that customers can get help any time, enhancing customer satisfaction

In the formula CLV = (PV)(RP)(RT), what does 'PV' represent?

• The retention time of a customer

• The average peso value of each sale

• The number of visits to the spa per month

• The amount the customer spends per year

Bapang Romy is always praised for keeping his junkshop neat and organized, despite facing challenges such as limited employees and a location far from the town proper. How does this quality help his business stand out among others in the area?

• Opportunity

• Strength

• Threat

• Weakness

How would offering a help desk with 24-hour customer access improve customer experience?

• It limits the need for physical stores.

• It reduces the number of customer complaints.

• It reduces the number of customers visiting the store.

• It provides a more flexible way for customers to get assistance whenever they need it.