Question 1

What are some of the limitations of observational research?

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Question 2

Customer relationship management integrates everything that a company's sales, service, and ________ teams know about individual customers.

Accepted Answer

Customer relationship management is mainly concerned with managing the interactions and relationships with customers. Since marketing is responsible for understanding customer needs, wants, and preferences, it is closely related to customer relationship management. Therefore, integrating what the marketing team knows about individual customers is an important aspect of effective customer relationship management.

Question 3

Customer relationship management (CRM) helps ________.

Accepted Answer

CRM helps firms manage customer touch points, which can include interactions through sales, marketing, customer service, and other channels. By effectively managing these touch points, firms can maximize customer loyalty and retention. CRM does not directly relate to minimizing employee turnover, helping customers manage information about different sellers, or creating artificial demand in the market. While CRM systems may provide information on deals, their primary focus is on managing customer relationships.

Question 4

Compare and contrast closed-ended questions and open-ended questions for gathering data.

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Question 5

How can researchers and managers arrive at the best interpretation of research findings?

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Question 6

What is experimental research and when is it used?

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Question 7

What is observational research and when is it used?

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Question 8

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

Accepted Answer

Understanding the competition better is not a direct benefit of a successful CRM program. While it may indirectly help a company understand the competition through insights gained from customer data, it is not a primary goal of a CRM program. The primary goal is to improve customer relationships, increase customer satisfaction, and ultimately drive revenue growth.

Question 9

How do primary data differ from secondary data?

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Question 10

What is the purpose of marketing analytics?

Accepted Answer

The purpose of marketing analytics is to interpret the data obtained. This involves analyzing and using the data to make informed business decisions, optimize marketing strategies, and measure the effectiveness of marketing campaigns.

Answer: A and B 
 While interpreting data is an important aspect of marketing analytics, obtaining and integrating data is also necessary. This includes gathering secondary data (such as customer demographics, competitor information, and market trends) and integrating it with primary data (such as customer feedback, sales data, and website traffic). Storing this data in a central, accessible location also facilitates analysis and interpretation.

Question 11

What type of research would be the most useful to determine if a 20-percent decrease in price for a high-end sedan would result in an increase in purchases sufficient to offset the reduced price? Why?

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Question 12

Briefly explain why marketers need marketing research in addition to competitive marketing intelligence.

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Question 13

In CRM, ________ techniques are used to sort through data and locate useful findings about customers.

Accepted Answer

Marketing analytics involves using techniques such as data mining, predictive modeling, and machine learning to analyze customer data and uncover insights that can be used to improve customer relationships and drive business growth. Data warehousing is a technique used to store and manage large amounts of data, while niche marketing and mass marketing are marketing strategies rather than data analysis techniques. Data conservancy is not a commonly used term in CRM.

Question 14

Customer information is often buried deep in separate databases and records of different company departments. To overcome such problems, many companies are now turning to ________ to manage detailed information about individual customers.

Accepted Answer

Customer relationship management (CRM) is a strategy for managing a company's interactions with customers, clients, and sales prospects to optimize customer satisfaction and profitability. It involves consolidating customer data from various sources into a single database and using analytics to enhance customer experience and retention.

Question 15

For marketing information to have value, it must be available to decision makers. This may include non-routine information for special situations. Companies frequently use ________ in these instances.

Accepted Answer

Company intranet and internal CRM systems are designed to provide access to internal information for decision makers. This includes non-routine information for special situations. E-mail messages, scanned documents, and faxes may be used, but they are not as efficient or organized as internal CRM systems. Computer extranets and video conferences are designed for external communication and may not provide the necessary security or accessibility for internal marketing information.

Question 16

Why is it important for managers to define the problem and establish research objectives?

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Question 17

The fourth step in gathering insights into the marketplace and customers is ________.

Accepted Answer

The fourth step in gathering insights into the marketplace and customers is analyzing and using marketing information. This step involves interpreting the data collected to make informed marketing decisions.

Question 18

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

Accepted Answer

CRM aims to maximize customer loyalty by building and maintaining strong relationships with customers. This is achieved through various activities such as personalized communication, offering customized products/services, and addressing customer grievances promptly. Data mining and analytical tools are extensively used in CRM activities to gather customer information and analyze customer behavior. CRM also aims to increase the number of customer touch points for better engagement and interaction with customers. Comparing various product and service categories is not a primary objective of CRM.

Question 19

List two benefits of using secondary data.

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Question 20

Ralph Goldsmith works for Zenith Inc., a leading cosmetic company based in Illinois. At Zenith, Ralph's primary responsibility revolves around digging deeply into customer data to gain valuable insights about customer needs, motives, and attitudes. This data is, in turn, used by Zenith to personalize its customers' shopping experiences. Ralph's position at Zenith requires him to focus primarily on ________.

Accepted Answer

Ralph's responsibility at Zenith revolves around gaining insights into customer needs, motives, and attitudes to personalize customer shopping experiences. This falls under the purview of customer relationship management (CRM). Therefore, the correct answer is E.

Quiz 4: Managing Marketing Information to Gain Customer Insights