Question 1

Social class is indicated by ________variables.
A)Single
B)Several
C)Known
D)None .

Accepted Answer

Social class is indicated by several variables, including income, education, occupation, and wealth, rather than a single variable. These factors collectively help to determine an individual's or family's social class.

Question 2

Process of manage information about customers to maximize loyalty is said to be
A)company relationship management
B)supplier management
C)retailers management
D)customer relationship management

Accepted Answer

The process of managing information about customers to maximize loyalty is known as Customer Relationship Management (CRM). This involves strategies, technologies, and practices used by companies to analyze and manage customer interactions and data throughout the customer lifecycle, with the goal of improving customer service relationships and assisting in customer retention and driving sales growth.

Question 3

In buyer decision process, percentage of potential customers in a given target market is called
A)customer funnel
B)company funnel
C)marketing funnel
D)retailers funnel

Accepted Answer

The term "marketing funnel" refers to the model that illustrates the journey of potential customers from awareness of a product or service to the actual purchase decision. It's a concept used to understand and cater to different stages in the decision-making process of consumers.

Question 4

Aggregate value of customer's base is classified as
A)shareholder value
B)base value
C)retention value
D)marketers base value

Accepted Answer

The answer of Aggregate value of customer's base is classified...

Question 5

Record which is based on business customers past purchases, sales price and volumes is classified as
A)business database
B)customer database
C)databases marketing
D)company marketing .

Accepted Answer

The answer of Record which is based on business customers...

Question 6

Whole cluster of benefits when company promises to deliver through its market offering is called
A)value proposition
B)customer proposition
C)product proposition
D)brand proposition

Accepted Answer

A value proposition refers to the promise of value to be delivered by a company's products or services, encompassing the entire cluster of benefits the company promises to deliver.

Question 7

Third step in customer's value analysis
A)assessing attributes importance
B)assessing company's performance
C)monitoring competitors performance
D)both b and c

Accepted Answer

The third step in customer value analysis involves both assessing the company's performance in delivering value and monitoring competitors' performance to understand how they are perceived in terms of value by customers.

Question 8

All costs customer expects to incur to buy any market offering is called
A)total economic cost
B)total functional cost
C)total customer cost
D)total functional cost .

Accepted Answer

Total customer cost includes all costs the customer expects to incur in evaluating, obtaining, using, and disposing of the bought product or service.

Question 9

Percentage or number of customers who move from one level to next level in buying decision process is called
A)conversion rates
B)marketing rates
C)shopping rates
D)loyalty rates

Accepted Answer

Conversion rates refer to the percentage or number of customers who progress from one stage to the next in the buying decision process, such as from showing initial interest to actually making a purchase.

Question 10

Customized products and services for customers and interaction to individual customers are part of
A)retailers management
B)customer relationship management
C)company relationship management
D)supplier management

Accepted Answer

Customized products and services for customers and interaction to individual customers are key components of customer relationship management (CRM). CRM focuses on managing a company's interactions with current and potential customers, aiming to improve customer satisfaction and loyalty by providing personalized experiences.

Question 11

Company's 'customer relationship capital' is another name of
A)satisfied customers
B)dissatisfied customers
C)customer retention
D)customer conversion.

Accepted Answer

Customer relationship capital refers to the value derived from maintaining satisfied customers who are likely to continue doing business with the company.

Question 12

Company's monetary, time and energy cost, all are included in
A)total customer cost
B)psychological cost
C)personal benefits
D)image benefits

Accepted Answer

Total customer cost includes not just the monetary cost, but also the time and energy (effort) cost associated with obtaining a product or service.

Question 13

A person or company that yields a revenue more than incurred costs of selling and serving is called
A)dissatisfaction
B)superior value
C)profitable customers
D)satisfied customers .

Accepted Answer

Profitable customers are those who yield a revenue that exceeds the costs associated with selling to and serving them. This means they generate more income for the company than what it costs the company to maintain the relationship, making them valuable assets.

Question 14

The process of MBO starts with -----
A)setting up of obligation
B)Fetron plan
C)Review
D)All

Accepted Answer

The process of Management by Objectives (MBO) starts with setting up of objectives or obligations.

Question 15

Management is a -----
A)profession
B)principles
C)performance
D)None

Accepted Answer

Management is considered a profession as it involves specialized knowledge, formal education, and adherence to certain ethical standards.

Question 16

Management is a -----Activity
A)single
B)group
C)both group and single
D)None

Accepted Answer

Management is primarily a group activity as it involves coordinating and overseeing the work of others to achieve organizational goals.

Question 17

Management applies to ----
A)Business unit
B)Family
C)government
D)All

Accepted Answer

Management principles and practices can be applied to various types of organizations and groups, including business units, families, and governments, as they all require planning, organizing, leading, and controlling resources to achieve specific goals.

Question 18

A manager needs three skills such as technical, human and ---
A)Conceptual
B)Process
C)Accuracy
D)None

Accepted Answer

Conceptual skills are essential for a manager, along with technical and human skills, to strategize and manage an organization's overall vision and direction.

Question 19

Management is a wider concept than administration according to---
A)Oliver Sheltom
B)Fayol
C)Hernold Koontz
D)William Newman

Accepted Answer

The answer of Management is a wider concept than administration...

Question 20

MBO was developed by ----
A)Peter.F.Drucker
B)Chester Bernard
C)Fayol
D)None

Accepted Answer

Management by Objectives (MBO) was developed by Peter F. Drucker in the 1950s. It is a management model that aims to improve the performance of an organization by clearly defining objectives that are agreed to by both management and employees.

Quiz 2: Understanding Social Class, Customer Relationships, and Management Skills: A Comprehensive Guide

Social class is indicated by ________variables.

Process of manage information about customers to maximize loyalty is said to be

In buyer decision process, percentage of potential customers in a given target market is called

Aggregate value of customer's base is classified as

Record which is based on business customers past purchases, sales price and volumes is classified as

Whole cluster of benefits when company promises to deliver through its market offering is called

Third step in customer's value analysis

All costs customer expects to incur to buy any market offering is called

Percentage or number of customers who move from one level to next level in buying decision process is called

Customized products and services for customers and interaction to individual customers are part of

Company's 'customer relationship capital' is another name of

Company's monetary, time and energy cost, all are included in

A person or company that yields a revenue more than incurred costs of selling and serving is called

The process of MBO starts with -----

Management is a -----

Management is a -----Activity

Management applies to ----

A manager needs three skills such as technical, human and ---

Management is a wider concept than administration according to---

MBO was developed by ----