Question 1

In CRM, ________ techniques are used to sort through data and locate useful findings about customers.
A) data warehousing
B) marketing analytics
C) niche marketing
D) data conservancy
E) mass marketing

Accepted Answer

Marketing analytics are used in CRM to analyze customer data and find useful patterns and insights. Data warehousing refers to the storage and management of large amounts of data, and data conservancy is focused on preserving data for long-term use. Niche marketing and mass marketing are marketing approaches, but do not directly relate to the use of analytics in CRM.

Question 2

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.
A) e-mail messages
B) computer extranets
C) company intranet and internal CRM systems
D) scanned documents and faxes
E) video conferences

Accepted Answer

Company intranet and internal customer relationship management (CRM) systems are designed for easy communication and sharing of information within a company. They are often used for non-routine information and special situations as decision makers can access the information easily through these systems. E-mail messages, scanned documents, faxes, and video conferences may also be used, but they may not provide the same level of organization and accessibility as intranet/CRM systems. Computer extranets are designed for communication with external parties, not solely for internal use.

Question 3

Customer relationship management integrates everything that a company's sales, service, and ________ teams know about individual customers.
A) management
B) marketing
C) manufacturing
D) engineering
E) accounting

Accepted Answer

Customer relationship management integrates information from sales, service, and marketing teams to gain a complete understanding of individual customers. This allows companies to tailor their approach to best meet customers' needs and increase customer satisfaction. Manufacturing, engineering, and accounting teams may not have as direct of an impact on customer relationships.

Question 4

What is the purpose of marketing analytics?
A) to obtain secondary data and integrate it with primary data
B) to gather and integrate data in a central, accessible location
C) to interpret the data obtained
D) to prevent the theft of customer data
E) to identify and discard outdated data

Accepted Answer

The purpose of marketing analytics is to interpret the data obtained. This involves analyzing data to identify trends, patterns, and insights that can inform marketing strategies and tactics. While obtaining and integrating data is important, the ultimate goal is to use that data to make informed decisions and drive business results.

Question 5

How do primary data differ from secondary data?

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Question 6

A successful CRM program is expected to help a company achieve all of the following EXCEPT ________.
A) provide higher levels of customer service
B) develop deeper customer relationships
C) create offers tailored to meet specific customer requirements
D) understand the competition better
E) pinpoint high-value customers and cross-sell products

Accepted Answer

Understanding the competition better is not a direct benefit of a CRM program. While CRM can provide insights into customer preferences and behaviors that may help a company better compete, the primary focus is on improving customer relationships and driving sales.

Question 7

List two benefits of using secondary data.

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Question 8

What is experimental research and when is it used?

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Question 9

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

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Question 10

Which of the following is true about customer relationship management (CRM)?
A) Data mining has limited applicability in CRM activities.
B) Sophisticated analytical tools are sparingly used in CRM activities.
C) CRM reduces the number of customer touch points.
D) CRM aims to maximize customer loyalty.
E) CRM enables firms to compare various product and service categories.

Accepted Answer

CRM aims to maximize customer loyalty by building strong relationships with customers and understanding their needs and preferences. Data mining and analytical tools are commonly used in CRM activities. CRM aims to increase customer touch points by providing personalized services and communication. CRM may involve comparing product and service categories, but this is not a primary focus.

Question 11

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

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Question 12

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

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Question 13

Customer relationship management (CRM) helps ________.
A) firms monitor and minimize employee turnover
B) customers manage information about different sellers in the market
C) firms manage customer touch points to maximize customer loyalty
D) customers locate the best deals in the market
E) firms create artificial demand in the market

Accepted Answer

CRM helps firms manage customer touch points, which are any interactions that a customer has with a company, to maximize customer loyalty. It involves collecting and analyzing data about customer behavior and preferences to improve the overall customer experience and strengthen the relationship between the customer and the company. Option A, B, D, and E do not accurately describe the benefits of CRM.

Question 14

What are some of the limitations of observational research?

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Question 15

What is observational research and when is it used?

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Question 16

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 17

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 ________.
A) customer sales
B) human resource management
C) risk assessment
D) financial analysis
E) customer relationship management

Accepted Answer

Ralph's primary responsibility at Zenith is to gain insights about customer needs, motives, and attitudes, which is used by the company to personalize its customers' shopping experiences. This falls under the domain of customer relationship management.

Question 18

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

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Question 19

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.
A) neuromarketing
B) customer needs marketing
C) customer relationship management
D) ethnographic research
E) netnography research

Accepted Answer

Customer relationship management (CRM) is a strategy that companies use to manage interactions with customers, and to collect and analyze detailed information about individual customers in a central database. This allows companies to improve their understanding of customer behavior, preferences, and needs, and to provide more personalized and targeted marketing and customer service.

Question 20

The fourth step in gathering insights into the marketplace and customers is ________.
A) assessing marketing information needs
B) developing marketing information
C) performing marketing research
D) analyzing and using marketing information
E) preparing reports for marketing management

Accepted Answer

The answer of The fourth step in gathering insights into...

Quiz 4: Managing Marketing Information to Gain Customer Insights

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

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.

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

What is the purpose of marketing analytics?

How do primary data differ from secondary data?

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

List two benefits of using secondary data.

What is experimental research and when is it used?

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

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

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

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

Customer relationship management (CRM) helps ________.

What are some of the limitations of observational research?

What is observational research and when is it used?

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?

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

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.

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