Question 1

When everyone in the company who touches the customer understands all aspects of the customer's relationship with the company, this is regarded as ________.
A) owning the customer's total experience
B) streamlining business processes that impact the customer
C) having a 360-degree view of the customer relationship
D) fostering community

Accepted Answer

Having a 360-degree view of the customer relationship means that everyone in the company is aware of all aspects of the customer's interactions and relationship with the company, enabling a comprehensive understanding and better service.

Question 2

A firm using relationship marketing focuses on ________.
A) market share
B) wallet share
C) time share
D) relationship share

Accepted Answer

Relationship marketing emphasizes increasing the depth and value of relationships with existing customers, often measured by "wallet share," or the percentage of a customer's spending within a particular category that goes to a specific company.

Question 3

Individualized web portals are most often used to build relationships in the ________.
A) B2C market
B) B2B market
C) B2G market
D) G2C market

Accepted Answer

B

Question 4

All of the following are metrics used to assess the internet's value in delivering CRM except ________.
A) lifetime value (LTV)
B) cost savings
C) employee satisfaction
D) customer satisfaction

Accepted Answer

Employee satisfaction is not a direct metric used to assess the internet's value in delivering Customer Relationship Management (CRM). CRM focuses on customer-centric metrics such as lifetime value (LTV), cost savings, and customer satisfaction to evaluate its effectiveness and efficiency in managing customer relationships.

Question 5

CRM allows companies to leverage their resources by investing more in the ________ customers.
A) average
B) least profitable
C) most lucrative
D) none of the above

Accepted Answer

CRM (Customer Relationship Management) systems enable companies to focus their efforts and resources on the most lucrative customers, thereby maximizing profitability and efficiency.

Question 6

Which of the following represents a major shift in current marketing practice?
A) From high fixed costs to low fixed costs
B) From mass marketing to individualized marketing
C) From focusing on a small base of customers to focusing on acquiring many new customers
D) All of the above

Accepted Answer

There is a major shift from mass marketing to individualized marketing due to advancements in technology and data analytics, allowing for more personalized customer experiences.

Question 7

Software agents such as shopping agents and search engines ________.
A) scour the internet for terms matching the users' search criteria
B) use web portals to access partner information
C) are forms of experiential marketing
D) match user input to databases and return customized information

Accepted Answer

The answer of Software agents such as shopping agents and...

Question 8

As more companies integrate customer relationship management (CRM) and supply chain management (SCM) activities ________.
A) they will experience an increase in variable costs
B) they will slightly less able to learn how to create value throughout the supply chain
C) they will become more responsive to individual customer needs
D) all of the above

Accepted Answer

Integrating CRM and SCM helps companies become more responsive to individual customer needs by improving communication and coordination across the supply chain, leading to enhanced customer service and satisfaction.

Question 9

If two or more companies were to link their intranet networks for the purpose of sharing information, then they would have a(n) ________.
A) supply chain
B) extranet
C) ethernet
D) internet

Accepted Answer

When two or more companies link their intranet networks to share information securely with each other, but not with the general public, the resulting network is known as an extranet. This allows for controlled access to each company's internal information.

Question 10

Through real-time chat, forums, and email postings at its website, companies are able to ________.
A) aggregate data used to design marketing mixes that meet user needs
B) build community
C) learn about products
D) all of the above

Accepted Answer

Through real-time chat, forums, and email postings on their websites, companies can aggregate data for designing marketing mixes, build a community around their brand or products, and learn about their products from user feedback, making all of the options correct.

Question 11

In order to keep customers from viewing their communications as spam, the firm should build relationships by ________.
A) offering promotions
B) purchasing new consumer lists periodically
C) using consumer information to build more precise target profiles
D) rewarding customers for giving out their friend's e-mail addresses

Accepted Answer

Building more precise target profiles using consumer information allows the firm to tailor communications to the specific interests and needs of the customers, making the messages more relevant and less likely to be perceived as spam.

Question 12

Which of the following is an advantage of connecting customers with supply chain businesses?
A) all companies will share transaction data so inventories can be kept low
B) customer service reps will have up-to-the-minute inventory information and be able to help consumers more immediately
C) upstream firms can use data to design products that better meet consumer needs
D) all of the above

Accepted Answer

Connecting customers with supply chain businesses offers several advantages, including shared transaction data for lower inventories (A), customer service reps having immediate inventory information (B), and upstream firms using data for better product design (C).

Question 13

________ allows marketers to monitor users' online behavior and make instantaneous and/or automatic adjustments to online promotional offers and web content.
A) Collaborative filtering
B) Real-time profiling
C) An agent
D) E-mail communication

Accepted Answer

Real-time profiling enables marketers to observe users' online activities and preferences in real time, allowing for immediate or automated adjustments to online promotions and website content to better match user interests and behaviors.

Question 14

Which of the following is a facet of customer relationship management (CRM)?
A) customer service
B) sales force automation
C) marketing automation
D) all of the above

Accepted Answer

All of the options listed are facets of customer relationship management (CRM). CRM encompasses a broad range of activities to manage a company's interactions with customers, clients, and sales prospects. This includes customer service, sales force automation (to streamline and enhance the operations of the sales team), and marketing automation (to efficiently market on multiple channels online and automate repetitive tasks).

Question 15

Using _________ firms can develop customized web pages based on visitor behavior.
A) Web log analysis
B) ongoing e-mail
C) client-side tools
D) agents

Accepted Answer

Web log analysis allows firms to track visitor behavior and develop customized web pages based on that behavior.

Question 16

Companies obtain transactional, behavioral, and interaction data about prospects, business customers, and end customers through ________.
A) personal disclosure
B) automated tracking of the sales force
C) website activity
D) all of the above

Accepted Answer

Companies can gather transactional, behavioral, and interaction data through various means including personal disclosure, automated tracking of sales activities, and monitoring website activity.

Question 17

Which of the following is referred to as level one of relationship marketing?
A) Marketers learn the names and needs of customers
B) Marketers create solid solutions to customer problems
C) Marketers build a financial bond with customers by using pricing strategies
D) Marketers stimulate social interaction with customers

Accepted Answer

Level one of relationship marketing involves building a financial bond with customers, often through pricing strategies, to encourage repeat business.

Question 18

Companies can use relationship marketing techniques to build relationships with ________.
A) customers
B) employees
C) lateral partners
D) all of the above

Accepted Answer

Relationship marketing techniques can be used to build relationships with customers, employees, and lateral partners, encompassing a broad approach to fostering long-term connections.

Question 19

Social CRM means that companies must interact with customers ________.
A) on the customer's terms
B) based on company data
C) based on company strategy
D) based on company desires

Accepted Answer

Social CRM emphasizes engaging with customers on their terms, utilizing social media platforms and communication methods preferred by the customers.

Question 20

Important tools that aid firms in customizing products to groups of customers or individuals include ________ strategies that reside on the company's web and e-mail servers, and ________ strategies that are initiated by internet users.
A) push; pull
B) pull; push
C) marketing; brochureware
D) marketing; inquiry

Accepted Answer

Push strategies are those that the company initiates to directly send out to consumers, often based on data collected about them, which is why they reside on the company's servers. Pull strategies, on the other hand, are initiated by the consumers, typically when they seek out products or information on the internet.

Quiz 15: Customer Relationship Management

When everyone in the company who touches the customer understands all aspects of the customer's relationship with the company, this is regarded as ________.

A firm using relationship marketing focuses on ________.

Individualized web portals are most often used to build relationships in the ________.

All of the following are metrics used to assess the internet's value in delivering CRM except ________.

CRM allows companies to leverage their resources by investing more in the ________ customers.

Which of the following represents a major shift in current marketing practice?

Software agents such as shopping agents and search engines ________.

As more companies integrate customer relationship management (CRM) and supply chain management (SCM) activities ________.

If two or more companies were to link their intranet networks for the purpose of sharing information, then they would have a(n) ________.

Through real-time chat, forums, and email postings at its website, companies are able to ________.

In order to keep customers from viewing their communications as spam, the firm should build relationships by ________.

Which of the following is an advantage of connecting customers with supply chain businesses?

________ allows marketers to monitor users' online behavior and make instantaneous and/or automatic adjustments to online promotional offers and web content.

Which of the following is a facet of customer relationship management (CRM) ?

Using _________ firms can develop customized web pages based on visitor behavior.

Companies obtain transactional, behavioral, and interaction data about prospects, business customers, and end customers through ________.

Which of the following is referred to as level one of relationship marketing?

Companies can use relationship marketing techniques to build relationships with ________.

Social CRM means that companies must interact with customers ________.

Important tools that aid firms in customizing products to groups of customers or individuals include strategies that reside on the company's web and e-mail servers, and strategies that are initiated by internet users.