Deck 25: Atabase Marketing, E-Commerce, Relationship

Question 1

A company's strategy should be uniform for the entire customer group.

Answer 1

False

Question 2

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 2

False

Question 3

Customer DNA is an approach for understanding and measuring customers' specific needs and wants.

Answer 3

True

Question 4

Segmentation profiles most and least profitable customers into groups

Question 5

With a database, marketers cannot profile prospective customers

Question 6

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 7

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

Question 8

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

Question 9

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

Question 10

Primary data is the only means by which information on customers can be selected.

Question 11

A direct seller has the ability to build a profile of customer choices based on a much Wider array of businesses than an on-line intermediary.

Question 12

Customers who are the most profitable always hold the maximum number of products.

Question 13

Direct contact with customers is not required for real-time marketing.

Question 14

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

Question 15

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

Question 16

'Buyer-Centricity' focuses on what products and services that sellers would be interested in selling to customers.

Question 17

"Mining" raw customer data, available with companies, using data modeling and analysis techniques produces "Actionable Customer Intelligence".

Question 18

All customers are appropriate targets for relationship marketing.

Question 19

Brand asset is much more important than a customer database.

Question 20

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

Question 21

Consider the following data: Sales of Hot Dogs in Thousands) I.a = 160, b = 1.1, c = 221. II.a = 150, b = 1.1, c = 225. III.Sales of hot dogs show an upward trend. IV.If the seasonally adjusted forecast for next year's second quarter is 180,000 hot dogs, the actual sales will be 234,000. Which combination of the statements is supported by the data above?

A)I, III, and IV.
B)II, III, and IV
C)I and IV.
D)III and IV
E)I and IV

Question 22

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 23

Customer data analysis focuses on

A)Customer acquisition - finding the new customer
B)Customer cross sell - further sales to the same customer
C)Customer up sell - the customer makes greater use of the same product or service
D)Customer retention - keeping the customer loyal
E)All of the above

Question 24

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 25

Social media is a new and powerful tool to increase customer values and company's profitability

Question 26

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 27

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 28

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 29

Mobile Marketing is an effective communication channel for companies to connect with each individual of their customers

Question 30

For a time series forecasting to be appropriate, it is necessary that I.at least two series of data be available. II.The future is assumed to be like the past. III.at most, a minimum amount of environmental change will occur during the forecast period. IV.a large random element be in the data. V.detectable patterns or trends be in the data.

A)I and II.
B)II, III, and V.
C)I, II, III, and IV.
D)II, III, IV, and V.
E)all of these.

Question 31

Some of the disadvantages of the sales force composite forecasting method are that 1-the approach suffers from subjectivity. 2-the estimates could be biased because of the natural tendencies of individual salespeople to be optimistic or pessimistic. 3-the degree of bias introduced into the forecast would probably increase if the forecast were linked to the salesperson's performance record.

A)1
B)2
C)3
D)1 and 2
E)1, 2, and 3

Question 32

CLV is a powerful tool for profile analysis

Question 33

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 34

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 35

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 36

A reason for increased popularity of online shopping would be:

A)Wider selection
B)Better Prices
C)Ability to shop at any time
D)All of the above

Question 37

A limitation of time-series models which is taken care of by causal models is

A)they give weightage is given to more recent data
B)they take into account future events which could have an impact on the market
C)they are easy to understand
D)they are very accurate

Question 38

The survey of customer intention approach 1-is based upon customers' stated buying intentions. 2-can become expensive and time-consuming. 3-is more suited for a manufacturer of aircraft components than for a manufacturer of a consumer product with many more products.

A)1
B)2
C)3
D)1, 2, and 3
E)2 and 3

Question 39

Which of the following is not a qualitative method of forecasting?

A)Jury of executive opinion
B)Time series projection
C)Sales force composites
D)Delphi forecasting
E)None of the above

Question 40

Data modeling and analysis techniques involves all of the following EXCEPT:

A)Use of people, processes and systems
B)Use of tools such as customer profiling, customer segmentation, customer profitability, predictive modeling, etc.
C)Formulating uniform strategy across all customer groups
D)'What-if' analysis
E)Customer profitability profiling

Question 41

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 42

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 43

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