WorksheetsCustomer Relationship Management Quiz
Total questions: 182
Worksheet time: 2hrs 31mins
What is Customer Relationship Bonding?
Refers to starting with people who have never heard of a company and end up with people who understand how the company is positioned against the competition
Refers to a customer identifying with the values and emotions embodied in your product, service, or organization
Refers to where the customer interacts frequently with the company to be worth knowing and tracking as an individual
This requires the merchant to foster interaction between customers
_____________ is the erosion of customer loyalty after the customer moment leading to their capture by a competitor.
Depreciation
Appreciation
Attrition
Loss
A ___________ is any interaction between the customer and the organization or someone representing the enterprise.
customer touch
customer moment
customer point
customer exposure
What is predictive customer relationship management?
Business rules built on business intelligence systems for enhancing CRM
Cooperation with suppliers and distributors to sense customer needs
Business requirement required for successful CRM BI initiatives
Combination of business intelligence, predictive software, real-time access to data, and personalized customer contact
satisfaction is _________ proportional to the value a corporate creates for the customer.
Indirectly
Inversely
Exactly
Directly
Analytical CRM____________________________.
Has access to all customer touch points
Interfaces directly with the customer to capture data
Gives an assessment of program initiatives
Consists of tools to analyze customer data
When a customer is considering the purchase of a product or service, he or she is termed as a __________.
Suitor
Potential
Prospect
Bait
Every call is a sales call. Every contact is a sales opportunity. A few regular customers can generate more revenue than hundreds of occasional customers, so these customers deserve special attention. In many companies, however, tech-support calls from important customers can sit in a queue behind calls for free mouse pads. Marketing often doesn't know how many sales resilted from a campaign, and tech support doesn't know that a good customer missed a firmware upgrade. How do you integrate marketing, sales and support activities to differentiate your company through its customer relationships?
CRM gets the most value out of customers by tightly integrating your sales, marketing and support
PRM gets the most value out of customers by tightly integrating your partners, sales and support
Call Center solutions gets the most value out of customers by tightly integrating your sales, operations and support
SCM gets the most value out of customers by tightly integrating your supplies, manufacturing and production
___________ seeks ways to reduce the number of promotions, manage the costs of business strategies, and increase the percentage response rates to promotions.
Predictive Modeling
Trigger Modeling
Event Modeling
Channel Optimization
What is a portal?
A Portal is a forum connecting community together
A portal is a gateway to an array of service hosted on the Internet
It is a centralized entry point that links multiple information and interactivity sources and allows a personalized view of the services
Portal is a type of application programming interface (API)
CRM technology____________.
Is critical to the success of a CRM initiative
Forms the basis of the enterprise customer strategy
Enhances customer perception of the corporate
Increases media visibility and stock prices
The true mark of a customer centric enterprise is when the enterprise stays in touch with customers ______________.
even when there is no immediate perceived need
when the customer revisits for a repeat purchase
when the customer does not seek a steady customer experience
even when the customer changes his brand preference
Data mining is conceived of as a process having two components _________.
Discovery and Division
Division and Exploitation
Discovery and Determination
Discovery and Exploitation
Interaction management and business response management form part of:
Reactive CRM
Adaptive CRM
Proactive CRM
Collaborative CRM
Which of the following is a source of implicit customer value:
Recency
Frequency
Monetary value
Brand value
is a comprehensive set of ___________ and ___________ for managing the relationships with potential and current customers.
Processes and Technologies
Processes and Practices
Practices and Philosophy
Practices and Technologies
Analysis of customer data essentially takes two forms ________________.
perspective and predictive
retrospective and reactive
perspective and retrospective
predictive and retrospective
CRM technologies can be broadly divided into:
Operational, Logistical and Communication
Operational, Analytical and Collaborative
Logistical, Analytical and Communication
Database, Operational and Analytical
Which data should a corporate strategically not share with its suppliers?
Data about customer contact information
Data captured as a result of its customer interactions
Data collected and already available as public
Data collected from campaigns and surveys
What enables companies to distribute leads and manage promotions outside the enterprise sales team?
Consumer Portal
Business Partner Portal
Sales Dept. Employees Portal
Customer Support Portal
A customer is defined as:
Anyone to whom goods and services are provided
Anyone who interacts with the company
Anyone who is a potential recipient of goods or services
Anyone one who initiates and determines the value of exchange
The principle behind customer profiling is to gain ____________ at minimal cost.
Customer Loyalty
Customer Segmentation
Customer Lifetime Value
Brand Promise
__________ is the time between a customer’s repeat purchase of goods and services.
Customer Purchase Cycle
Customer Interaction Opportunity
Customer Profile
Customer Lifecycle
_______ is the CRM concept that tries to integrate multiple channels through a web access point.
iCRM
eCRM
webCRM
nCRM
What is the formula for calculating Customer Value?
Customer's Value = (Sum of revenues attributed to the customer) - (Sum of costs attributed to the customer)
Customer's Value = (Sum of revenues attributed to the customer) * (Sum of costs attributed to the customer)
Customer's Value = (Sum of revenues attributed to the customer) / (Sum of costs attributed to the customer)
Customer's Value = (Sum of revenues attributed to the customer) + (Sum of costs attributed to the customer
________ is a business strategy to select and manage customers to optimize long-term value.
Customer Lifecycle Management
Customer Lifetime Valuation
Customer Relationship Management
Customer Centric Philosophy
A ___________________ concentrates on delivering products and services as efficiently as possible to provide large numbers of customers with the best deal.
Customer Focused Enterprise
Product Focused Enterprise
Service Focused Enterprise
Profit Focused Enterprise
CRM implementation involves _______________ management, _____________ management and ______________ management.
Change, Project and Technology infrastructure
Change, People and Practice
People, Process and Practice
People, Project and Technology infrastructure
CLV assessment models are based on:
Customer transaction costs
Customer retention costs
Value added by new customer acquisition
Value added by retained customer
___________________ refers to the process of dividing customers into mutually exclusive groups.
Customer Profiling
Customer Coding
Customer Segmentation
Customer Partitioning
Starting point of a new Customer Relationship Management initiative is to develop a ________.
Process Flow Diagram
Customer strategy
Technology Blueprint
Enterprise Resource Plan
____________is a vehicle for defining and communicating the stages a customer goes through when purchasing and using products/services.
customer life cycle
customer stage profile
customer value score
customer loyalty
The goal of customer lifecycle management is to:
Retain existing customers at lower cost to the corporate
Provide a consistent customer experience and customer history
Segment customers based on their potential value
Prevent customer attrition by providing incentives
The objective of ______________ is to turn every customer interaction into a potential revenue opportunity.
CIC
Portal
Data warehouse
Call Center
A ___________ is an articulation of what target customers can expect from their experience with the organization.
Customer Experience
Brand Promise
Tag Line
Punch Line
is the difference between CRM and BI tools?
CRM works at the individual level while BI works at the enterprise level
CRM captures data while BI analyses them
CRM tools are a subset of BI tools
CRM data is extracted from BI data
is a business strategy for improving relationships between companies and their channel partners.
Partner Portal
Partner Relationship Management
Channel Optimization
Customer Relationship Management
What is the name of SAP's CRM software?
SAPCRM
mySAP.com
SAPIENT v4
SAPCustMGMT
Customer lifecycle value (CLV) is_____________________________.
Used to retain customers for economic product life
Used to convert customer history to financial
Used to arrive at customer lifecycle management
Used for product innovation and volume management
Which of the following statement is correct?
Real time updates are critical to CRM success
Operational data store handles transactional data
Data mining tools are used only on transactional data
Analytical CRM populates data into the data warehouse
The Loyalty Effect by Fredrick Reicheld reports that five percent retention in customers over their lifetime results in an _______ percent increase in company margin over that same time period.
65 to 100
66 to 125
67 to 150
50 to 75
______________ is a collection of techniques and methods that enable businesses to engage and retain their share of the market.
Customer Profiling
Customer data mining
Customer Scoring
Customer Segmentation
Enterprise demand to accommodate 'any point of interaction' (voice/Web/chat) is the basis behind investment in ______________.
Data centers
Back office centers
CRM
Customer interaction centers
The simplest measurement of customer loyalty is the concept of __________.
Brand Promise
Lifetime Value
Wallet Share
Market Share
The simplest definition of customer loyalty can be put as ______________offered by an enterprise.
Customer satisfaction on services
Customer retention on new products
Related purchase of a product or service
Repeat purchase of a product or service
Customer loyalty is achieved when the customer:
He makes a repeat purchase or renews a service agreement
Redeems customer rewards points and participates in campaigns
Feels an attachment to the firm or the brand that transcends functional attributes
Makes use of personalization and have lesser transaction costs
eCRM differs from CRM with regard to____________________.
Web enabled portal interface
Architecture and technology
Add on CRM application module
Differentiating communication channels
The difference between a Profile and a Model is the element of __________.
Service
Time
Distance
Purchase
______________ provides a programmed method of discovering patterns in data.
Data Warehousing
Data Mining
Data Scrubbing
Data Paring
___________ focus on providing a single point of access to enterprise information assets and aggregates people, information, applications and business processes.
Intranet
Portals
Eco-portals
Comm-portals
Which vendor provides customized Call Center Management solutions?
Microsoft
Intel
Talisma
IBM
The goal of customer lifecycle management is to:
Retain existing customers at lower cost to the corporate
Provide a consistent customer experience and customer history
Segment customers based on their potential value
Prevent customer attrition by providing incentives
What is Customer Lifetime Value (CLV)?
CLV is a measurement of the expected cash flow, gross revenue, and margin contribution to revenue over the lifetime of an individual customer.
CLV is a benchmark technique associated with customer retention data expected over linear value.
CLV refers to customer satisfaction value based on repeat business and gross volume over a period of time.
CLV is determined by calculating the increase in efficiencies of the marketing process with reduction in time in marketing cycle.
______________ is one of the means to develop a customer model.
Customer Profiling
Customer Segmentation
Customer Scoring
Customer Survey
There are two ways a customer or prospect can drop out of the customer life cycle. They are ____________ and _______________.
Loss and hijacking
Loss and Attrition
Theft and Drop-out
Loss and Drop-out
Which software vendor provides CRM solutions for small sized organizations under USD 4,000?
SAP
Microsoft
PeopleSoft
Uptrends
J.D.Edwards
Campaign planning and management forms a part of which CRM functionality?
Sales force automation
Customer interaction center
Marketing automation
Partner relationship management
What could be a typical objective for a company planning a CRM initiative?
To sell more during any single interaction through cross selling, up selling, and substitute selling
To increase overall profitability by establishing and nurturing long-term relationships with high-value customers
To generate public visibility to increase stock prices and enhance shareholder equity
To decrease customer service costs by reducing the volume of customer complaints
Efficient customer satisfaction measurement aids in predictive ______________ to roll out effective loyalty programs and sales initiatives.
Customer Scoring
Customer Data mining
Customer Modeling
Customer Protection
Three main categories of portals define the scope of a collaborative enterprise. They are ________________.
employee, customer, and partner
customer, partner and retail
employee, shareholder and customer
customer, stakeholder, employee
the cost involved in acquiring a new customer is almost __________times that of retaining a customer.
Three
Five
Ten
Two
Corporates are shifting from ___centric enterprises to customer centric enterprises.
Service
Product
Profit
Employee
What enables companies to do Sales & Marketing Automation with Contact Management using Customer Register, Sales Forecast Management, Sales Order Management, Production & Material Planning Management, Available to Promise dates, Marketing events Management with calendaring?
Consumer Portal
Business Partner Portal
Sales Dept. Employees Portal
Customer Support Portal
All analytical CRM capabilities have a robust _________________, at its foundation.
service oriented philosophy
product centric process flow
customer centric data warehouse
organization specific vision
Every call is a sales call. Every contact is a sales opportunity. A few regular customers can generate more revenue than hundreds of occasional customers, so these customers deserve special attention. In many companies, however, tech-support calls from important customers can sit in a queue behind calls for free mouse pads. Marketing often doesn't know how many sales resulted from a campaign, and tech support doesn't know that a good customer missed a firmware upgrade. How do you integrate marketing, sales and support activities to differentiate your company through its customer relationships?
CRM gets the most value out of customers by tightly integrating your sales, marketing and support
PRM gets the most value out of customers by tightly integrating your partners, sales and support
Call Center solutions gets the most value out of customers by tightly integrating your sales, operations and support
SCM gets the most value out of customers by tightly integrating your supplies, manufacturing and production
Which of the following is an example of CRM application?
Siebel's eCRM Suite
Microsoft Great Plains software
IBM DataBlade
Goldmine
An emerging KPI metric directly affecting CIC operational performance goals is __________________.
Customer service orientation
CIC infrastructure consistency
Employee response frequency
Global location
In event marketing, events are positive triggers that cause__________________.
Response to customer retention, up sell and cross sell
Creation of appropriate marketing event management
Better design of campaigns and incentives
Pull-side strategy to be evolved
Corporates are shifting from ___centric enterprises to customer centric enterprises.
Service
Product
Profit
Employee
The balanced scorecard is_________________.
A business metric used to define business rules
A focused set of performance measures derived directly from the business strategy
A financial metric used to evaluate campaign effectiveness
An industry standard used to assess business requirements
Examples of unstructured data would include:
Correspondence, invoices, contracts and proposals
Personalized customer data with contact details
Listings of sales and marketing campaigns
Customer contact type, time and product detail
_______ is a business strategy to optimize the value of channel partner relationships in a organization?
SCM
ERP
PRM
CRM
Which company provides CRM rented software?
salesforce.com
crmforce.com
crmrent.com
outsourcecrm.com
_________________ combines the key decision-making attributes of expert systems and traditional IVR technology.
Intelligent Interactive voice recognition
Combined interaction voice recognition
Call centers
Data centers
The main drawback of CRM is
Implementing CRM before creating a customer strategy
Rolling out CRM before changing the organization to match
Stalking, not wooing, customers
All of the above
The marketing messages committed to customers wishes is a part of
Permission marketing
Activity marketing
Supplier marketing
None of the above
The method used to assess real cost of providing services to an individual customer is
Cost based accounting
Activity based accounting
Turnover based accounting
Price based accounting
_______is any occasion on which the brand or product is used by end customers.
Customer touch point
Retailers touch point
Company touch point
None of the above
_________ is the study of how individuals, groups and organizations select, buy, use and dispose off goods, services, ideas or experiences to satisfy their needs and wants.
Consumer behavior
Product cycle
Purchase behavior
None of the above
A consumer buying behavior is influenced by
Cultural and social factors
Personal factors
Both a and b
None of the above.
________ exerts the broadest and deepest influence on buying behavior.
Social factors
International factors
Personal factors
Cultural factors
________ is the fundamental determinant of a person’s wants and behavior.
Culture
Attitude
Value
None of the above
Indian marketers use a term called socioeconomic classification, which is based on the _______ of chief wage earners.
Education
Occupation
Both a and b
None of the above
For the rural areas, the socioeconomic system use _________ of the chief wage earner.
Occupation and type of home
Education and occupation
Education and type of home
None of the above
Social class is indicated by ________variables.
Single
Several
None
None of the above
A person’s _________ are all the groups that have a direct or indirect influence on their attitudes or behavior.
Inspirational groups
Reference groups
Dissociative groups
None of the above
Process of manage information about customers to maximize loyalty is said to be
company relationship management
supplier management
retailers management
customer relationship management
In buyer decision process, percentage of potential customers in a given target market is called
customer funnel
company funnel
marketing funnel
retailers funnel
Aggregate value of customer's base is classified as
shareholder value
base value
retention value
marketers base value
Record which is based on business customers past purchases, sales price and volumes is classified as
business database
customer database
databases marketing
company marketing
Whole cluster of benefits when company promises to deliver through its market offering is called
value proposition
customer proposition
product proposition
brand proposition
Third step in customer's value analysis
assessing attributes importance
assessing company's performance
monitoring competitors performance
both b and c
All costs customer expects to incur to buy any market offering is called
total economic cost
total functional cost
total customer cost
total functional cost
Percentage or number of customers who move from one level to next level in buying decision process is called
conversion rates
marketing rates
shopping rates
loyalty rates
Customized products and services for customers and interaction to individual customers are part of
retailers management
customer relationship management
company relationship management
supplier management
Company's 'customer relationship capital' is another name of
satisfied customers
dissatisfied customers
customer retention
customer conversion
Company's monetary, time and energy cost, all are included in
total customer cost
psychological cost
personal benefits
image benefits
A person or company that yields a revenue more than incurred costs of selling and serving is called
dissatisfaction
superior value
profitable customers
satisfied customers
Customers lifetime purchases that generate net present value of future profit streams is called
customer lifetime value
customer purchases value
customer cost incurred
customer relationships
'total customer benefits' includes
product benefits
services benefit
image benefit
all of above
Programs designed for customers which is limited to any affinity group are classified as
club membership programs
royalty programs
loyalty programs
group membership programs
First step in analysis of customer value is to
identify customers value attributes
assessing attributes importance
assessing company's performance
assessing competitors performance
Difference between customers evaluation including all costs incurred and benefits is called
customer perceived value
company market value
customer affordability
customer reliability
Process of building, organizing and using databases of customers to build customer relationship is classified as
database marketing
customer database
detailed database
company database
Perceived monetary value of all benefits which customers expect from a given product because of brand image is called
total customer benefit
total customer cost
total economic cost
total functional cost
System includes all experiences while using market offering is classified as
customer proposition
value delivery system
product proposition
distinctive proposition
Number of customers or potential customers who will help in company's growth is classified as
customer base
retailer base
distributors base
marketers base
Any occasion on which brand or product is encountered by end customers is called
customer touch point
company touch point
retailers touch point
relationship touch point
Technique which tries to identify real cost of serving an individual customer is called
activity based accounting
cost based accounting
price based accounting
turnover based accounting
Process of manage information about customers to maximize loyalty is said to be
company relationship management
supplier management
retailers management
customer relationship management
In buyer decision process, percentage of potential customers in a given target market is called
customer funnel
company funnel
marketing funnel
retailers funnel
Aggregate value of customer's base is classified as
shareholder value
base value
retention value
marketers base value
Record which is based on business customers past purchases, sales price and volumes is classified as
business database
customer database
databases marketing
company marketing
Whole cluster of benefits when company promises to deliver through its market offering is called
value proposition
customer proposition
product proposition
brand proposition
This is an approach to selling goods and services in which a prospect explicitly agrees in advance to receive marketing information.
customer managed relationship
data mining
permission marketing
one-to-one marketing
In an Internet context, this is the practice of tailoring Web pages to individual users’ characteristics or preferences.
Web services
customer-facing
customer valuation
personalization
This is the processing of data about customers and their relationship with the enterprise in order to improve the enterprise’s future sales and service and lower cost.
database marketing
customer relationship management
CRM analytics
B2C
This is a broad category of applications and technologies for gathering, storing, analyzing, and providing access to data to help enterprise users make better business decisions.
best practice
data mart
business information warehouse
business intelligence
This is a systematic approach to the gathering, consolidation, and processing of consumer data (both for customers and potential customers) that is maintained in a company’s databases.
database marketing
application integration
service oriented integration
business technology management
This is an arrangement in which a company outsources some or all of its customer relationship management functions to an application service provider (ASP).
spend management
supplier relationship management
hosted CRM
Customer Information Control System
This is a central point in an enterprise from which all customer contacts are managed.
contact center
help system
multichannel marketing
call center
This is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests, spending habits, and so on.
customer service chat
customer managed relationship
customer life cycle
customer segmentation
There are __________ E's in E-CRM.
Two
Six
Eight
Four
In an Internet context, this is the practice of tailoring Web pages to individual users’ characteristics or preferences.
customer-facing
client/server
customer valuation
personalization
This is the processing of data about customers and their relationship with the enterprise in order to improve the enterprise’s future sales and service and lower cost.
clickstream analysis
database marketing
customer relationship management
CRM analytics
This is a broad category of applications and technologies for gathering, storing, analyzing, and providing access to data to help enterprise users make better business decisions.
best practice
data mart
business information warehouse
business intelligence
This is a systematic approach to the gathering, consolidation, and processing of consumer data (both for customers and potential customers) that is maintained in a company’s databases.
database marketing
marketing encyclopedia
application integration
service oriented integration
This is an arrangement in which a company outsources some or all of its customer relationship management functions to an application service provider (ASP).
spend management
supplier relationship management
hosted CRM
online transaction processing
This is a central point in an enterprise from which all customer contacts are managed.
contact center
help system
multichannel marketing
call center
This is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests, spending habits, and so on.
customer service chat
customer managed relationship
customer life cycle
customer segmentation
A _________ is an organized collection of detailed information about individual customers or prospects that is accessible, actionable and current for marketing purposes such as lead generation and others.
Customer database
Customer mailing list
Business database
Product Databased
_______uses sophisticated mathematical and statistical techniques such as neutral networking and cluster analysis.
Data survey
CRM
Data mining
Data Design
_________ is the study of how individuals, groups and organizations select, buy, use and dispose off goods, services, ideas or experiences to satisfy their needs and wants.
Product cycle
Purchase behaviour
Sequence Analysis
Consumer behaviour
Process of manage information about customers to maximize loyalty is said to be_________
company relationship management
supplier management
retailers management
customer relationship management
Record which is based on business customers past purchases, sales price and volumes is classified as _______
business database
customer database
databases marketing
company marketing
Customized products and services for customers and interaction to individual customers are part of _________
retailers management
customer relationship management
company relationship management
supplier management
A person or company that yields a revenue more than incurred costs of selling and serving is called _______
dissatisfaction
superior value
profitable customers
satisfied customers
Customers lifetime purchases that generate net present value of future profit streams is called________
customer lifetime value
customer purchases value
customer cost incurred
customer relationships
This is the processing of data about customers and their relationship with the enterprise in order to improve the enterprise’s future sales and service and lower cost.
clickstream analysis
database marketing
customer relationship management
CRM analytics
This is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests, spending habits, and so on.
customer service chat
customer managed relationship
customer life cycle
customer segmentation
._____________ is the fundamental determinant of a person’s wants and behaviour
Culture
Attitude
Value
Behaviour
The result of the comparison between customer’s expectation and customer’s perception is ________
Customer satisfaction
Customer service
Customer experience
Customer retention
____________ means customer beliefs related to products or services received or experienced.
Customer satisfaction
Customer service
Customer experience
Customer perception
_________ helps the organisation to form and perform permission based marketing campaigns.
Outbound email management
Inbound email management
Inbound call management
Outbound call management
__________ ties to both financial and social incentives.
Customer retention strategy
Social bond retention strategy
Marketing strategy
Sales strategy
__________ help the organization to increase the profitability at less operating cost.
Customer service
Customer acquisition
CRM
Customer experience
________ CRM helps customers at many retail outlets loyalty programs through individual mobile phones.
Mobile
Analytical
Collaborative
Social
_________ is designed in 1990's to show the exact relationship and interconnectivity between satisfaction - loyalty - retention and profits, whereby it directly links to CRM.
Supply chain
Company profit chain
Value chain
Management chain
An ______ defines how job tasks are formally divided, grouped and co-ordinate.
Organisation structure
Agent management
Case management
Customer management
CRM allows an organization to accomplish all of the following, except:
Provide better customer service
Make call centers more efficient
Complicate marketing and sales processes
Help sales staff close deals faster
Customer Relationship Management is about
Acquiring the right customer
Instituting the best processes
Motivating employees
All of the above
CRM technology can help in
All of the above
Designing direct marketing efforts
Developing new pricing models
Processing transactions faster
A _________ is an organized collection of detailed information about individual customers or prospects that is accessible, actionable and current for marketing purposes such as lead generation and others.
Customer database
Customer mailing list
Business database
None of the above
_______uses sophisticated mathematical and statistical techniques such as neutral networking and cluster analysis.
Data mining
Data survey
CRM
None of the above
A process to compile information that increases understanding of how to manage the organization’s relationships with its customers, by its simplest definition, is:
CRM system
data mining
customer retention
data compilation
When an organization is ready to view the purchasing process from the customer’s point of view, to empathize with the customer’s feelings and to treat the customer’s information with great care, it is known as:
customer focus
customer point of view
customer care
CRM
Successful organizations attempt to define characteristics of the best customers and then estimate the:
marketing mix
share of customer
customer focus
lifetime value of each customer
In relationship management, the company objective often is to:
sell to as many customers as possible
promote the company’s products
obtain a high share of customer
determine which markets the firm should pursue
What is a contact point?
a key factor in the customer’s decision to do business with a firm
where the customer can communicate and explain his or her needs
the familiarity the consumer has with a product or service
the point where the consumer decides to enter a relationship with a firm
What is the lifetime value of the relationship?
the net benefit to each party in an exchange over the length of time that interactions occur
the consumer’s financial benefit that comes with doing business with the same firm over time
the benefit that the firm receives by having a relationship over time
the intangible benefits that the consumer receives by not having switching costs
Which of the following businesses is LEAST likely to have a CRM program?
airline
credit card company
electric company
hotel chain
Which of the following is the first step of developing a CRM strategy?
Form a cross-functional CRM project team for decision analysis and actions
Gain an organization-wide commitment to CRM strategy
Conduct a business needs analysis concerning customer relationships
Develop and define the CRM strategy to guide management process
Question 9. Which of the following statements best defines the share of wallet?
The percentage of a customer’s discretionary income spent at a specific company or on a specific product
The percentage of customers’ discretionary income spent on a category of expenses, such as gas or entertainment
The number of times a customer shops at a location, divided by the total number of times they shop in that category
The percentage of customers’ spending within a category on a specific product or company
Question 10. If an average customer spends $450 a month on groceries and they spend $225 at your grocery store, what is your share of wallet?
Data irrelevant
33%
100%
50%
Which of the following options is linked to order management?
improves financial planning by easily tracking sales pipeline
Maintains audit information automatically
Associates opportunity data records with purchase decisions
Exports and imports account data
All of the following are points to consider in creating a privacy pledge except:
Specify how personal information will be used by the company.
Specify how personal information will not be used by the company.
State how a customer can order the company to stop collecting information and/or purge her information file.
none of the above
All of the following agreements would likely ease the sales department's transition except:
addressing ways salespeople can save time and earn higher commissions
phasing out the use of sales force automation software
specifying which information is for enterprise use and which is for their use only prioritizing which information is needed about customers
In which of the following phases of CRM, a business relies on CRM software tools and databases to help the company proactively identify and reward its most loyal and profitable customers to expand their business via targeted marketing and relationship marketing programs?
Satisfied
Retain
Acquire
All the above
Which of the following information should be present in a database created by CRM technology!
Channels of distribution
Company contacts with its distributors
Response to marketing stimuli
Information on supplier quality
Salesforce.com was one of the first to deliver customer relationship management (CRM) software over the internet. Many companies are using CRM to create more sales with existing customers. All of these companies are banking on the increasing importance of ------- as a growing source of sales.
Media convergence
Distribution elasticity
E-commerce
Sales force automation
---------- help companies track and assess their performance and more importantly, evaluate the returns on their CRM initiatives.
databases
melrics
technologies
none of the above
Analytical CRM analyzes customer data for following purposes except
Design and execution of targeted marketing campaigns to optimize marketing
measuring and optimizing customer relationships
delivers personalized and efficient marketing, sales, and service through multi channel collaboration
data mining
A method of measuring the effectiveness of online marketing communications, lifetime value measures are -------
The value of gaining the customer is not just-based on the initial purchase, but the lifetime value (and costs) associated with the customer.
They are the equivalent of offline advertising metrics, i.e brand awareness (aided and unaided), ad recall, brand favourability and purchase intent.
A measure of the profitability of the campaign which compares revenue against costs.
None of the above.
A method of measuring the effectiveness of online marketing communications, branding metrics are -------
a measure of the profitability of the campaign which compares revenue against costs.
the equivalent of offline advertising metrics, ie brand awareness (aided and unaided), ad recall, brand favourability and purchase intent.
The value of gaining the customer is not just-based on the initial purchase, but the lifetime value (and costs) associated with the customer.
none of the above.
One way to summarize the seemingly contradictory data about consumer privacy attitudes is:
Consumers prefer personalized, relevant marketing messages, even with questionable security
Consumers prefer to remain inconspicuous, even if it means being unable to identify someone when they need to.
Costumer want both maximum convince and maximum privacy
Consumers prefer to share as little information with companies as possible, even if it means less relevance,
The metaphor of "data mining" captures all of the following except:
creating predictive and descriptive models to support decision making
exploring and analyzing large quantities of data to discover meaningful patterns
discovering real-time insights into the nature of individual customers
extracting and presenting new knowledge selected from databases for actionable decisions
To best leverage information about a customer's needs, the next step after accumulating information about the customer is:
differentiating the customer by value
organizing and analyzing the information
distributing the information to all employees who directly interact with the customer
creating a customer portfolio
An enterprise's best first step to identifying customers is
Make sure all departments have access to the identifying information a company already has, particularly front-line employees.
Take an inventory of all customer data available in any electronic format.
Get customers to identify themselves.
Develop a strong privacy protection policy.
------ involves the electronic exchange of business transaction documents over the Internet and other networks between supply chain trading partners (organizations and their customers and suppliers
Data exchange
Intranets
Electronic data interchange
Data interchange
Front Office CRM Systems covering real-time aspects of sales related activity is referred to as ___________.
Sales Force Automation
CRM Customer Services
CRM Customer Communications
Automated Marketing
Style Mart uses time-series forecasts, such as past holiday sales and the strength of store sales this year to predict future sales based on patterns of historical data. This is an application of ___________
analytics
the synergy trend
decisions by trend
focused trend
ABC Medical Technology, a fast-growing global research firm, has accumulated so much client information that conventional database management systems cannot handle its customer needs. Therefore, it purchased very sophisticated analysis software and supercomputing-level hardware. For the company's work with hospitals and university medical schools, ABC has been noted in publications as "real pioneers for innovation and productivity." This vast amount of data is known as __________
cyber-age databases
super data
new age computing
Big Data
