Question 1

Explain the relationship between one-to-one marketing and CRM.

Accepted Answer

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Question 2

To better tailor the services it offers to the needs of specific customers, First City Bank should first collect, verify, and update the information it has about its customers.

Accepted Answer

Collecting, verifying, and updating customer information is crucial for banks to understand their customers' needs and offer personalized services.

Question 3

During the interact step of one-to-one marketing, companies should focus on ways to improve the cost efficiency and effectiveness of the interaction.

Accepted Answer

During the interact step of one-to-one marketing, companies should prioritize improving the cost efficiency and effectiveness of the interaction to maximize the value of their marketing efforts.

Question 4

Describe the four steps of one-to-one marketing.

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Question 5

The final stage in one-to-one marketing is to identify customers in terms of both their needs and their value to the company.

Accepted Answer

The final stage in one-to-one marketing is to customize the marketing mix for the individual customer, based on the understanding of their needs and value to the company. Identifying customers by their needs and value is an earlier step in the process.

Question 6

The Union Express website tracking a lost package is an example of CRM.

Accepted Answer

CRM (customer relationship management) involves strategies and tools for managing customer interactions and tracking customer data. The Union Express website tracking a lost package is an example of tracking customer data and managing their interaction with the company, which falls under the umbrella of CRM.

Question 7

Using a CRM approach, customers are prioritized and communication is customized accordingly.

Accepted Answer

With CRM, customers are categorized based on their value and communication with them is personalized to meet their needs and preferences. This helps to improve customer satisfaction and loyalty.

Question 8

Explain the function of the chief customer officer in a firm's executive team.

Accepted Answer

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Question 9

Explain how a firm benefits from customers who make multiple purchases versus customers who make just one purchase.

Accepted Answer

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Question 10

CRM programs are used by e-commerce firms, but not by brick-and-mortar firms.

Accepted Answer

This statement is false. CRM programs are used by both e-commerce and brick-and-mortar firms.

Question 11

Identify any product or service. How can a marketer calculate the lifetime value of a customer relating to the purchase of this product or service? Explain your answer.

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Question 12

Explain the concept of lifetime value of a customer.

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Question 13

CRM programs facilitate communication from a company to its customers and from customers to the company.

Accepted Answer

CRM stands for customer relationship management, which involves managing interactions with customers. CRM programs typically include tools for communication such as email, phone, chat or messaging systems, as well as data tracking and analysis to help businesses improve their customer relationships.

Question 14

What are two ways the airline industry can benefit from the implementation of CRM systems? Explain your answer.

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Question 15

Technology designed specifically for marketing analytics is referred to as mar-tech.

Accepted Answer

Mar-tech (marketing technology) refers to a wide range of software and tools designed specifically for marketing analytics, including customer relationship management (CRM) systems, content management systems (CMS), and data analytics platforms.

Question 16

A firm has segmented its customers into two groups: high-volume customers and low-volume customers. Explain the different styles of communication the firm should implement to reach each group of customers.

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Question 17

Customer relationship management (CRM) programs can systematically track customers' preferences and behaviors over time.

Accepted Answer

CRM programs are designed to track customer interactions and can help businesses gain insights into their customers' preferences and behaviors over time. By using CRM software, companies can store and analyze customer data to improve their engagement strategies and provide better customer service.

Question 18

The term share of customer is synonymous with share of market.

Accepted Answer

Share of customer refers to the portion of a customer's spending in a particular product category that goes to a specific brand or company, while share of market refers to the percentage of total sales in a particular product category that a company captures. They are related concepts, but not synonymous.

Question 19

Explain the philosophy of customer relationship management (CRM).

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Question 20

Rather than focusing on improving cost efficiencies, a CRM program helps marketers focus on the effectiveness of each interaction with a customer.

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Quiz 5: Marketing Analytics: Welcome to the Era of Big Data