Question 1

Consumer touch points include customer purchases,sales-force contacts,service and support calls,website visits,satisfaction surveys,credit and payment interactions,market research studies - every contact between the customer and the company.

Accepted Answer

Consumer touch points refer to every interaction between the customer and the company, including but not limited to purchases, sales-force contacts, service and support calls, website visits, satisfaction surveys, credit and payment interactions, and market research studies.

Question 2

Data mining refers to the process of unearthing insights hidden in customer data.

Accepted Answer

Data mining is the process of analyzing large sets of data to discover patterns, relationships, and insights. In the context of customer data, data mining can uncover valuable information about customer behavior, preferences, and needs, allowing businesses to make informed decisions and improve their operations.

Question 3

The availability of which of the following is most problematic in international marketing research?

Accepted Answer

Secondary data can be more problematic to obtain in international marketing research due to differences in how data is collected, stored, and made available across countries. This can include issues with accessibility, reliability, and comparability of data.

Question 4

You have just identified the 'touch points' of the 400 best customers in your database.At this point,you want to manage detailed information about each of them to maximise customer loyalty.You should use customer relationship management (CRM).

Accepted Answer

CRM is a tool used for managing detailed information about customers to maximize customer loyalty. By identifying the touch points of the 400 best customers, it is a good opportunity to use CRM to manage their information and maintain closer relationships with them.

Question 5

Which of the following is true about customer relationship management (CRM)?

Accepted Answer

The aim of CRM is to maximize customer loyalty by managing and improving customer interactions and relationships. It focuses on enhancing customer experience and satisfaction to build long-term relationships with customers.

Question 6

A customer service agent for a national car rental business has access to the company's intranet,which provides performance reports,shared work documents,contact information and detailed information about customers.Which of the following is this access most likely to enable him to do,during interactions with customers?

Accepted Answer

The access to the company's intranet would enable the customer service agent to view detailed information about customers, allowing them to reward customer loyalty with an upgrade or discount during interactions with customers. The other options listed are not relevant to the specific capabilities provided by the intranet access.

Question 7

Because of the scarcity of good secondary data,international researchers must often collect their own primary data.An initial problem with this collection is developing good ________.

Accepted Answer

Developing good samples is crucial in collecting primary data, as it ensures that the data collected is representative of the target population and is therefore reliable and accurate. Good samples are particularly important for international researchers as they may face additional cultural and language barriers that can make data collection more difficult.

Question 8

An operator of a dress shop in a suburban mall has a very small research budget,so she uses low-cost or no-cost methods to gather research data.One method that works very well for her is changing the themes in her local newspaper and radio advertising and watching the result.She is using ________ to gather data for marketing decisions.

Accepted Answer

The operator is using an experimentation approach by changing the themes in her advertising and monitoring the results. This is a low-cost method of gathering data for marketing decisions. The other options, such as informal surveys, guesswork, logic-directed research, or secondary sources are not mentioned in this scenario.

Question 9

Which of the following most accurately identifies the purpose of a data warehouse?

Accepted Answer

A data warehouse's primary purpose is to integrate and consolidate data from various sources within an organization. This data is then organized in a manner that makes it easier for businesses to analyze and make decisions based on it. Prioritizing information, interpreting data, analyzing data, and discarding old data may be functions of a data warehouse, but they are not its primary purpose.

Question 10

The purpose of a data warehouse is to secure customer loyalty data and ensure that rival firms cannot steal it for their own advantage.

Accepted Answer

While protecting customer data is an important aspect of a data warehouse, the primary purpose is to integrate data from multiple sources and provide a single, reliable source of information for decision making and analysis within an organization.

Question 11

Marketing information is only valuable when it is used to ________.

Accepted Answer

Marketing information is collected to make better marketing decisions. It is used to analyze market trends, consumer behavior, and industry developments. Only with this information, a company can make informed decisions to develop effective marketing strategies and campaigns. Simplifying management's job, pleasing shareholders, and increasing supply chain efficiencies may be potential results of using marketing information, but they are not the primary goal. The primary goal is to make better marketing decisions. Therefore, option E, make better marketing decisions, is the best choice.

Question 12

When managers use small convenience samples such as asking customers what they think or inviting a small group out to lunch to get reactions,they are using ________.

Accepted Answer

Small convenience samples such as asking customers what they think or inviting a small group out to lunch to get reactions are considered as informal surveys.

Question 13

Cultural differences,especially those involving language,can add to research costs in foreign markets and can increase the ________.

Accepted Answer

Cultural differences can lead to misunderstandings, misinterpretations, and errors in research, which can increase the risks of error. This may lead to inaccurate insights or conclusions and result in ineffective decisions. This can ultimately affect the business's performance in the foreign market. Therefore, it is important to invest in culturally sensitive research practices to reduce the risks of error.

Question 14

In CRM,findings about customers discovered through ________ techniques often lead to marketing opportunities.

Accepted Answer

Findings about customers in CRM can be discovered through various techniques such as data warehousing, customer strategy, customer loyalty management, and value network. However, data mining is specifically designed to extract patterns and insights from large sets of customer data, which can reveal untapped marketing opportunities. Therefore, option B is the best choice.

Question 15

Many companies are now restructuring and renaming their marketing research and information functions.In their place,companies are creating ________.

Accepted Answer

The answer of Many companies are now restructuring and renaming...

Question 16

For a small business manager deciding where to relocate within the city,relevant research will LEAST likely include ________.

Accepted Answer

Options for repackaging the company's products are not relevant research when deciding where to relocate within the city. The other options, such as traffic-flow patterns, informal surveys of customers, and past sales data, provide important information for making an informed decision about the relocation. Competitors' advertisements may also be useful in determining the potential customer base in certain areas.

Question 17

Typically,customer information is buried deep in separate databases,plans and records of many different company functions and departments.To overcome such problems,which of the following should you try?

Accepted Answer

Customer relationship management (CRM) is a strategy that integrates all customer-related data across different departments and functions of a company. It allows companies to centralize customer information and provides a 360-degree view of the customer, which can help the company better understand customer needs, preferences, and behaviors. By implementing a CRM system, companies can improve customer satisfaction, increase sales, and build stronger customer relationships.

Question 18

What do many researchers encounter when conducting market research in foreign countries?

Accepted Answer

Researchers conducting market research in foreign countries may encounter limited access to respondents due to few telephones or poor mail services, as well as difficulty in personal contacts due to poor roads. Additionally, some cultures may not value marketing research as much as Western societies do. Thus, all of the above options may be challenges encountered during market research in foreign countries.

Question 19

Like their larger counterparts,small organisations are able to obtain,with minimal effort and cost,most of which type of data?

Accepted Answer

Small organisations are more likely to obtain secondary data, which is data that already exists and can be accessed easily and inexpensively, rather than collecting primary data, which requires more time and resources to gather directly from sources.

Question 20

A successful CRM program can be expected to help a company achieve all of the following EXCEPT ________.

Accepted Answer

A CRM program is focused on managing and improving customer relationships, so it would not necessarily provide better understanding of competition or how to build the marketing mix.

Quiz 4: Managing Marketing Information to Gain Customer Insights