Deck 14: CRM Trends, Challenges, and Opportunities

Question 1

Industry experts provide insights into the current trends in an attempt to help organizations position themselves to manage future challenges as well as opportunities

Answer 1

True

Question 2

Adopting Service-based applications is a trend which is attractive to large, medium-sized, and small organizations alike as it reduces costs and increases speed to "CRM-ready environments.

Answer 2

True

Question 3

As organizations adopt front-end and back-end CRM applications, there is increasing pressure on HR departments to ensure appropriate training for existing employees on these applications. HR should also evaluate which talents must be hired as not everyone is able to be trained.

Answer 3

True

Question 4

Some functions of a social media manager may include creating buzz, trolling for problems and complaints and scanning social media sites for mention of the respective brands.

Question 5

As organizations move to a more dynamic "real time" CRM environment, there is a growing need for well-trained network specialists, web software engineers and database architects.

Question 6

The trend to placing more relevant data into memory decreases the speed of processing and increases the reliance on input and output processing.

Question 7

Gartner's Hype Cycle is a tool that places Marketing application vendors on a life-cycle curve, and is a good first step in a Marketing Application vendor evaluation.

Question 8

A key reason for adoption of cloud technology is that it allows for relatively unrestricted scalability in storage and processing

Question 9

Concerns about security is the most prominent reason hat organizations cite for not adopting cloud services.

Question 10

One major restriction of RFID technology is the limited storage capability.

Question 11

Smartphones and social media will contribute to the "customer centric" view of marketing in the future.

Question 12

Social media provides a new channel for customer engagement called "Social CRM."

Question 13

Virtual brand communities can lead to customer retention.

Question 14

Data mining is not yet equipped to handle social network analysis.

Question 15

Consumers still prefer getting product and brand information from store personnel rather than smartphones.

Question 16

Geofencing is a way to use LBS to promote to customers

Question 17

Research studies have shown that Smartphones enable companies to do a better job cross-selling and up-selling than through traditional store clerks.

Question 18

RFM has replaced CLV as the favored CRM metric.

Question 19

CRM takes purchase pacing into account in computing customer lifetime value.

Question 20

Neuromarketing and bio-metric technologies have proven highly successful and have recently been approved by the Advertising Research Foundation.

Question 21

Biometric research technology uses sensors to track consumers' emotional states while shopping in stores.

Question 22

Network analysis analyzes the sentiment of chatter on social media sites.

Question 23

Crowdsourcing forecasts ideas, opinions, etc. based upon the usage of relationship networks.

Question 24

Crowdsourcing is when users participate online to hold a company "hostage."

Question 25

Burberry's Bespoke program enables customers to design trench coats in over 12 million different ways.

Question 26

Traditionally, CRM technology solutions have exhibited all of the following EXCEPT

A)been extremely expensive
B)required lengthy implementations
C)required large numbers of highly skilled workers
D)been relatively easy to integrate with other environments
E)required a cash investment with a long time to the targeted return on investment

Question 27

Service based applications have become increasingly accepted by

A)Large organizations in the retail and catalog industry only
B)Small organizations but only in the financial services industry
C)Medium sized organizations in B2B environments but not B2C environments
D)Large, Medium and Small organizations regardless of industry
E)Large and Medium organizations only due to high investment requirements

Question 28

New positions being created in organizations to help manage processing of information via new technologies include all f the following EXCEPT

A)Telesales manager
B)Manager of multi-channel marketing
C)Online communities manager
D)Touch point manager
E)Social Media manager

Question 29

Current trends in CRM technology solutions include all of the following EXCEPT

A)Competitive forces have shortened CRM solutions life-cycles
B)rapid adoption of social media tools by consumers requires quicker adoption of new CRM social Media data management solutions
C)Data storage costs are rising
D)Increase in processing power capability has fostered new solutions to be developed
E)Increase communication bandwidths have enabled new methods of data capture

Question 30

Customer contact technologies include all of the following EXCEPT

A)"Screen-pops"
B)Surveys
C)IVR
D)Call queing
E)MRO

Question 31

Chat session capability and SMS are examples of ________ solutions

A)Customer Contact Management
B)ERP
C)Customer Contact Channel Management
D)Customer Service
E)Knowledge Management

Question 32

____________ provides the customer with access to their data from a variety of technology platforms in a secured reliable environment.

A)ERP
B)Cloud Technology
C)RFID
D)IVR
E)E-mail management

Question 33

The "customer centric" view of marketing will only continue in the future, due to which of the following?

A)increase in customer and prospect data
B)smartphones
C)new CRM metrics
D)new developments in mass customization
E)all of the above

Question 34

Virtual brand communities can lead to all of the following EXCEPT

A)customer retention.
B)social trust.
C)augmented reality.
D)increase in consumer confidence.
E)social capital.

Question 35

Geofencing is an example of

A)location-based marketing.
B)price comparison application.
C)deal available during retail "downtimes."
D)digital wallet.
E)tactic to "steal" customers via phone messaging.

Question 36

Which of the following uses calling records to determine the flow of information across a country or phone locations to discern traffic and population patterns?

A)network analysis
B)crowdsensing
C)neurometric and biometric technologies
D)longitudinal research
E)crowdsourcing

Question 37

theFind application is an example of

A)location-based marketing.
B)price comparison application.
C)deal available during retail "downtimes."
D)digital wallet.
E)tactic to "steal" customers via phone messaging.

Question 38

Brick-and-mortar retailers' historic advantages are

A)increasing.
B)remaining stable.
C)decreasing.
D)excited to become "showcases."
E)both C and D

Question 39

Tracking sensors and the belief that voiced opinions can be misleading are concepts best associated with which of the following?

A)network analysis
B)crowdsensing
C)neurometric and biometric technologies
D)longitudinal research
E)crowdsourcing