Deck 25: New Age Strategies

Question 1

A rewards program gives points for buying goods and services and something that can be accumulated over time and redeemed for a benefit in the future

Answer 1

False

Question 2

With a database, marketers cannot profile prospective customers

Answer 2

False

Question 3

Brand asset is much more important than a customer database.

Answer 3

False

Question 4

Through database technology, an organization can at last identify its loyal customers, its repeat purchases, and its one-time only " triers" in well-defined market segments

Question 5

One should only solicit only those segments whose expected responses rates are below the break-even rate

Question 6

Experiential marketing is broadly defined and aimed at wider audiences, generating a higher return on the investment

Question 7

Database enhancement can substantially increase the amount and quality of information held on each customer

Question 8

All customers are appropriate targets for relationship marketing.

Question 9

The entertainment component of e-commerce is more developed than many of its functional aspects.

Question 10

Chatbots cannot respond to first-line questions and requests from customers, and cannot recognize when customers need to be handed off seamlessly to customer service representatives for more complex queries.

Question 11

Information pertaining to customer habits and preferences helps to identify the most and the least profitable customers.

Question 12

WOM marketing aids relationship marketing in generating a positive influence on the product for consumers, and lending credibility to the message being communicated

Question 13

Information on recency and monetary value of purchases is enough to identify most profitable customers.

Question 14

Blocks in a blockchain hold batches of valid transactions that are encoded, and each block includes a link of the prior block in the blockchain, thus creating a link all the way to the original first block

Question 15

IoT is a network of networks of uniquely identifiable objects that can communicate with each other without human interaction using network connectivity.

Question 16

A machine learning algorithm continues to add to its teaching set, with every right or wrong response to the task completion based on the given dataset, thus becoming better and smarter at completing a task over time.

Question 17

Data mining is the process of analyzing data from different perspectives and summarizing it into useful information-information that can be used to increase revenue, cuts costs, or both.

Question 18

While the loyalty program thanks past behavior, rewards program encourages future behavior.

Question 19

Customer equity of a firm is the total economic worth of a firm's customer asset.

Question 20

AI has the power to organize the billions of data points that IoT generates, learn as it goes, and drive automated changes based on insights derived from the analysis of data

Question 21

Which of the following types of marketing is designed to turn customers into advocates?

A)Mobile Marketing
B)Social Marketing
C)Experiential marketing
D)Relationship marketing

Question 22

The increased popularity of online shopping can be attributed to:

A)Wider selection
B)Convenience of shopping from any location
C)Ability to shop at any time
D)All of the above

Question 23

The most important element to building a successful business is

A)Soliciting new customers
B)Maintaining exhaustive databases on purchase patterns
C)Targeting the right consumer segment
D)Managing and retaining existing customers
E)None of the above

Question 24

Which of the following metrics indicate brand preference?

A)Recency-Frequency-Monetary value
B)Past Customer Value
C)Share of Wallet
D)Customer Lifetime Value

Question 25

The use of statistical models for analyzing customer databases serves the following purposes)

A)Identifying typical customers
B)Can rank order the prospects from best to worst
C)Helps to score a prospect list
D)All of the above
E)and b

Question 26

Calculation of Customer Lifetime Value CLV) provides a framework for

A)Purchase sequence analysis
B)Optimizing the timing of product offerings.
C)Profile analysis to target prospects
D)All of the above

Question 27

The rule followed in soliciting members of a database is on the basis of

A)Majority of the members be concentrated in a given area
B)Most recent purchase
C)Least cost of marketing
D)Breakeven response rate
E)None of the above

Question 28

One can eliminate duplication between and among the lists and identify "hotline names" by

A)overlaying multiple databases
B)negative screening
C)duplicate screening
D)None of the above

Question 29

Relationship marketing involves

A)Identifying and building a database of customers
B)Delivering differential messages to different segments of customers in the database
C)Tracking costs for each relationship
D)a and b
E)a, b, and c

Question 30

CLV is a powerful tool for profile analysis

Question 31

Social media provides a two‐way communication channel between a company and its customers

Question 32

A database can be used

A)To profile customers
B)To maximize personalization of promotional plans for customers
C)To develop products that match the customer's needs
D)a,b and c
E)a and b

Question 33

All of the following are capabilities of IoT EXCEPT:

A)Simplifying routine day-to-day tasks
B)Using sensors and intelligent software to understand consumer preferences
C)Tracking connected packaging to gain better insight into supply chain processes
D)Conveying advice, guidance and information to consumers while also collecting real time feedback
E)Enable the transfer of valuable assets without a third-party trust broker

Question 34

According to the text, AI-powered bots can be applied in which if the following ways in marketing?

A)Responding to first-line questions and requests
B)Using bots for real time, 24/7 communication
C)Guiding customers towards completing their transactions
D)Shopping online, on behalf of human owners
E)All of the above

Question 35

Blockchain can track whether the advertisements are being viewed by the target audience or not, thus enabling companies to pay for the audiences they get

Question 36

Which of the following is referred as a "double-edged sword" strategy in the text?

A)E-Commerce
B)Implementing Mobile Marketing strategies
C)Implementing Social Media Marketing strategies
D)None of the above

Question 37

Which of the following metrics is a forward-looking metric?

A)Recency-Frequency-Monetary value
B)Past Customer Value
C)Share of Wallet
D)Customer Lifetime Value

Question 38

The process of analyzing data from different perspectives and summarizing it into useful information is called ________.

A)negative screening
B)duplicate screening
C)data mining
D)Data Validation
E)None of the above

Question 39

Which of the following are advantages of block chains?

A)Elimination of the middleman
B)Increased transparency in supply chain operations
C)Ability to track data on advertising
D)All of the above