Question 1

&#34;Customer strategy&#34; is:&#10;A) the capability of matching customers and messaging in any medium, whether traditional or digital&#10;B) finding customers for the products a company produces&#10;C) creating customer value by increasing the value of the customer base&#10;D) creating customer campaigns that win market share

Accepted Answer

Creating customer value by increasing the value of the customer base is the essence of a customer strategy. It focuses on building and enhancing relationships with customers to improve their lifetime value to the company.

Question 2

Customer relationship management (CRM) is best characterized as:&#10;A) an enterprise-wide strategy&#10;B) a marketing strategy&#10;C) a customer service discipline&#10;D) a software program&#10;E) any of the above

Accepted Answer

CRM can be viewed as an enterprise-wide strategy, a marketing strategy, a customer service discipline, and also encompasses software programs designed to manage customer relationships. It integrates all these aspects to improve business relationships with customers, focusing on customer retention and driving sales growth.

Question 3

For &#34;Industrial Age&#34; companies, competitive advantage is primarily based on:&#10;A) product innovation&#10;B) brands&#10;C) customer information&#10;D) a and b

Accepted Answer

In the Industrial Age, competitive advantage was primarily based on product innovation and strong brands. Product innovation allowed companies to offer unique and improved products to the market, while strong brands helped in creating customer loyalty and differentiating products from competitors.

Question 4

For &#34;Interactive Age&#34; companies, competitive advantage is primarily based on:&#10;A) product innovation&#10;B) brands&#10;C) customer information&#10;D) a and b

Accepted Answer

In the "Interactive Age," competitive advantage is primarily based on customer information. This era emphasizes the importance of understanding and leveraging data about customers' preferences, behaviors, and feedback to tailor products, services, and marketing strategies effectively.

Question 5

Examples of customer-specific behaviors include all of the following except:&#10;A) Fans of a product band together on social networking sites and provide service and recommendations to others.&#10;B) A supervisor orders more computer components by going to a Web page that displays his firm's contract terms, his own spending to date, and his departmental authorizations.&#10;C) A marketing copywriter develops a brochure aimed toward thirtysomething suburban mothers and mails it out to all who fit that specific profile.&#10;D) A car-rental customer rents a car without having to complete another reservation profile.

Accepted Answer

C is incorrect because it describes a targeted marketing activity rather than a customer-specific behavior. Customer-specific behaviors are actions taken by customers themselves, not marketing strategies directed at them.

Question 6

Analytical CRM includes the following:&#10;A) strategic planning&#10;B) cultural change management&#10;C) software installations&#10;D) measuring change management

Accepted Answer

Analytical CRM focuses on analyzing customer data and behavior to make strategic decisions, hence strategic planning is a part of it. Cultural change management, software installations, and measuring change management are more operational and tactical aspects, not directly related to the analytical component of CRM.

Question 7

Traditional marketing's &#34;four Ps&#34; apply to which part of the &#34;get, keep, and grow&#34; customer strategy?&#10;a. get&#10;b. keep&#10;c. grow&#10;d. a and b

Accepted Answer

The answer of Traditional marketing's &#34;four Ps&#34; apply to which...

Question 8

According to Philip Kotler, the following shifts have occurred as companies move from mass marketing to customer-focused marketing except:&#10;A) from market share to share of customer&#10;B) from direct contact with end users to reliance on efficient intermediaries&#10;C) from large customer segments to individual customers&#10;D) from pursuing all types of customers to pursuing high-potential-value customers

Accepted Answer

Philip Kotler, a prominent figure in marketing, emphasizes a shift towards more direct engagement with customers in customer-focused marketing, contrary to option B, which suggests a move towards greater reliance on intermediaries. The other options (A, C, D) correctly represent shifts towards customer-focused marketing, such as focusing on share of customer, targeting individual customers, and pursuing high-potential-value customers.

Question 9

Which of the following describes a customer-share strategy?&#10;A) finding a constant stream of new customers&#10;B) using mass media to build brand and announce products&#10;C) differentiating products from competitors&#10;D) selling as many products as possible to one customer at a time

Accepted Answer

A customer-share strategy focuses on maximizing the amount of products or services sold to each individual customer, rather than primarily seeking new customers or differentiating products. This approach aims to increase the value obtained from each customer by encouraging them to purchase more.

Question 10

The core benefit of a Learning Relationship for a customer is:&#10;A) reduced switching cost&#10;B) lower priced products&#10;C) higher quality products&#10;D) increased product choice

Accepted Answer

The answer of The core benefit of a Learning Relationship...

Question 11

The core benefit of Learning Relationship for an enterprise is:&#10;A) increased product innovation&#10;B) greater profit margins&#10;C) greater customer loyalty&#10;D) all of the above

Accepted Answer

The answer of The core benefit of Learning Relationship for...

Question 12

If an enterprise ranked low in tailoring for customers but high in customer interaction, it would find itself in which quadrant of Peppers and Rogers' Enterprise Strategy Map?&#10;A) Quadrant I: Mass Marketing&#10;B) Quadrant II: Niche Marketing&#10;C) Quadrant III: Database Marketing&#10;D) Quadrant IV: One-to-One Learning Relationships

Accepted Answer

The answer of If an enterprise ranked low in tailoring...

Question 13

Keeping long-term customers is more beneficial than continually acquiring new customers because:&#10;A) Long-term customers tend to pay full price for a product rather than a discounted price.&#10;B) Loyal customers tend to give more referrals.&#10;C) Acquiring new customers costs more than keeping current ones.&#10;D) All of the above

Accepted Answer

The answer of Keeping long-term customers is more beneficial than...

Question 14

Compare and contrast the mass marketing era with the interactive era. What are the goals of each? What defines competitive advantage? What are the key technological tools?

Accepted Answer

The answer of Compare and contrast the mass marketing era...

Question 15

What is a Learning Relationship? What are the benefits of a Learning Relationship-both to the enterprise and to the customer?

Accepted Answer

The answer of What is a Learning Relationship? What are...

Question 16

Describe why customer relationship management, or customer strategy, needs to be an enterprise-wide strategy. How would it affect each of the five principal business functions:
a. financial
b. production, logistics, and service delivery
c. marketing communications, customer service, and interaction
d. sales distribution and channel management
e. organizational management strategy

Accepted Answer

The answer of Describe why customer relationship management, or customer...

Deck 1: Evolution of Relationships With Customers and Strategic Customer Experiences